BNO - WTI Weekly: Balance Early Week Before Minor Price Discovery Higher To 57.97s
In this article, we examine the significant weekly order flow and market structure developments driving WTI price action.
As noted in last week’s WTI Weekly, the primary expectation for this week was for price discovery higher, barring failure of 55.76s as support. This expectation did not play out, despite 55.76s holding as support, as balance development continued, 56.20s-57.79s, ahead of Friday’s close, settling at 57.89s, within the context of a multi-week consolidation.
10-15 November 2019
This week’s auction saw price discovery lower in Monday’s auction from last week’s settlement, achieving a stopping point, 57.12s.