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YGRN - WTI Weekly: Last Week's Breakout Area Fails Price Discovery Lower To 54.75s
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 57.58s as support. This expectation did not play out, as buyers trapped in Sunday’s Globex auction amidst structural sell excess formation, halting the buy-side sequence at 59.39s. Price discovery lower developed in Monday’s trade, driving price lower to 55.41s, developing balance, 56.84s-55.39s, into Friday’s auction. A failed sell-side breakdown occurred in Friday’s trade to 54.75s,