SZO - WTI Weekly: Saudi Attack Drives Price To Major Resistance Above Sell Excess Halts Upside There
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 based on market structure, barring failure of 56.34s as resistance. This expectation did not play out, as last Saturday’s attacks on Saudi oil infrastructure changed the structural dynamic early week. A gap higher open developed in Monday’s auction as last week’s key resistance, 58.77s, failed. Price discovery higher developed in Monday’s trade to 63.32s where sell excess developed