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YGRN - WTI Weekly: Failed Breakout During The Early Week Holiday Before Sell-Side Continuation To 53.85s
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 higher, barring failure of 57.59s as resistance. This expectation did not play out as a failed buy-side breakout above last week’s key resistance developed to 59.77s in Monday’s holiday shortened auction. Sell excess developed there as buyers trapped, driving price lower through key supports (57.59s/57.36s) to 54.77s in Thursday’s trade, where buying interest emerged and balance developed ahead of