BNO - WTI Weekly: Price Discovery Higher Continues To 61.97s Through The Holiday Shortened Week
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 61.40s as resistance. This expectation did not play out as last Friday’s support held early week. Buying interest emerged, 60.59s/60.89s, in Monday and Tuesday’s auctions before price discovery higher developed following Wednesday’s holiday. The market traded through key resistance, 61.40s, to 61.97s ahead of Friday’s close, settling at 61.72s.
22-27 December 2019
This week’s auction