OLO - WTI Weekly: False Breakdown Early Week To 51.23s Price Discovery Higher To 56.26s
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 key resistance, 53-54.30s, held. This expectation did not play out as a false breakdown developed early week at key support to 51.23s. Rejection of the low developed, driving price back through the prior balance to last week’s overhead supply cluster, 55s-55.75s, before a probe higher developed to 56.26s into week’s end.
10-15 February 2019
This week’s