OILX - WTI Weekly: Sell-Side Continuation To 50.99s Where Buy Excess Emerged Halting The Auction
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 lower, provided last week's buy excess, 55.25s-54.75s, failed. This expectation did play out, as selling interest emerged, 55.83s, in Monday's auction, driving price lower through key support, 54.75s, in a sell-side breakdown. Price discovery lower continued to 50.99s into Thursday's trade. Structural buy excess developed, 50.99s-51.37s, halting the sell-side sequence as a retracement rally developed to 52.96s ahead of