USAI - WTI Weekly: Last Week's Key Support Holds Before Price Discovery Higher Develops To 52.34s
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 neutral to buy-side activity, barring failure of 49.31s as support. This expectation did play out as an early week re-test of last week's key support developed to 49.42s in Monday's auction. Key support held before buying interest emerged in Tuesday's auction, driving price higher through mid-week to 52.34s, testing key resistance ahead of Friday's close, settling at 52.05s.
09-14 February 2020