YGRN - WTI Weekly: Support Developed Early Week As A Rally To 48.66s Ultimately Failed Late In The 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 cautious, primary expectation for this week was for price discovery lower, barring failure of 46s as resistance. This expectation did not play out, in a typical sense, as buying interest emerged amidst buy excess early week, halting the sell-side sequence in Sunday-Monday’s trade. Key resistance, 46s, failed in Monday’s auction before price discovery higher developed to 48.66s in Tuesday’s auction. Selling interest emerged there as balance developed mid-week,