USO - WTI Weekly: False Breakdown Early Week Price Discovery Higher To 55.66s
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 sell-side activity provided the near-term stopping point high, 54.52s, held. This expectation did not play out as a false breakdown developed early week at key support, 51.85s. Rotation back through the developing balance occurred through mid-week before a buy-side breakout and price discovery higher developed to 55.56s into week’s end.
27 January-01 February 2019
This week’s auction saw selling interest in