USAI - WTI Weekly: Last Week's Breakout Holds As The Rally Continued To 34.66s
In this article, we examine the significant weekly order flow and market structure developments driving WTI's price action.
As noted in last week's WTI Weekly, the primary expectation for this week was for price discovery higher, barring failure of 27.79s as support. This expectation played out as last week's breakout held, and a rally ensued to 33.10s. Balance developed, 33.10s- 31.08s, into mid-week before the rally continued to 34.66s into Thursday's trade. Minor sell excess developed there, halting the rally before an aggressive selloff developed to 30.72s, testing key support. Buy excess formed there