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YGRN - WTI Weekly: Key Support Failed Early Week As A Pullback Tested Major Support
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 26.50s as resistance. This expectation played out as the key support area, 23.50s, failed early week before the pullback continued to 19.20s into Wednesday’s auction. Balance developed, 19.20s-20.61s, before an aggressive re-pricing higher developed to 26.79s in Friday’s auction as the May-June contract roll completed into Friday’s close, settling at 25.03s.