As noted in Tue's analysis, focus on
response to Tue's Sell Spike, 49.80s-49.20s, was key Wed's auction as Globex
selling interest drove price lower from the Spike, ultimately encountering a
Structural Buying Tail, 48.40s-48.90s, on "bearish" EIA data,
resulting in price discovery higher toward the 5DVWAP where buying interest
emerged driving price higher toward 51.10s.
Focus on response to Wed's Buy Spike, 50s-51.10s, into Thu's auction.
Noted here (highlighted in yellow):
- Development of the Low via Structural Buying Tail, 48.40s-48.80s.
- The Buying Tail holding as support, implying the potential for price discovery higher.
- Initiative Buy Programs (IBP) at/near 49.80s and the expectation for price discovery higher.
- Key Upside Reference Levels (the market traded toward the 5DVWAP ahead of the NY close)
Wednesday's Auction
via The Daily