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DTO - WTI Weekly: Balance Development And Re-Test Of Last Week's Key Support
Deutsche Bank AG London ZC SP ETN REDEEM 01/06/2038 USD 25 - 25154K809
In this article, we examine the significant weekly order flow and market structure developments driving WTI's price action.
The primary expectation for this week was for price discovery higher. This expectation did not play out and selling interest developed early week from last week's close, driving price lower to key support, 50.60s, into mid-week. Sellers trapped there ahead of the Iran narrative as price discovery higher developed to 53.45s into Thursday's auction, within the context of balance development ahead of Friday's close, settling at 52.51s.