UCO - WTI Weekly: Stopping Point High 54.51s Developed Early Week; Price Discovery Back Into Prior Balance As Breakout Fails
In this article, we examine the significant weekly order flow and market structure developments driving WTI price action. Due to a scheduling conflict, this week's article is posted based on Thursday's NY close.
20-24 January 2019:
As noted in last week's WTI Weekly, the primary expectation for this week was for continued buy-side activity provided key support, 53.50s-53.30s, held. This expectation played out in some sense, as modest price discovery higher played out through Monday's holiday auction to 54.51s, where selling interest emerged, halting the buy-side auction before price discovery lower into prior balance