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YGRN - WTI Weekly: Balance Early Week Before Buy Excess Developed Driving Price Higher
Bank of Montreal ZC SP ETN REDEEM 25/03/2039 USD 50 - Ser E YGRN
In this article, we examine the significant weekly order flow and market structure developments driving WTI's price action.
As noted in last week's WTI Weekly, the primary expectation for this week was for price discovery lower, provided key resistance, 53.35s, held. This expectation did not play out, and balance developed early week, 54.06s-51.81s, before a failed sell-side breakdown formed structural buy excess, 51.38s-51.81s, in Wednesday's trade. Price discovery then ensued, breaching key resistance early in Friday's trade to 54.87s ahead of Friday's close, settling at 54.76s.