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YGRN - WTI Weekly: Failed Breakdown Early Week Before An Aggressive Rally Ensued To 28.56s
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 price action.
As noted in last week’s WTI Weekly, the primary expectation for this week was for price discovery lower, barring failure of 25.24s as support. This expectation did not play out as a failed sell-side breakdown developed through key support to 19.28s in Monday’s auction. Balance then developed, 22s-19.90s, through mid-week before buying interest emerged, driving price higher through key resistance to 28.56s where sell excess formed, halting the rally ahead of Friday’s close, settling at 28.34s.