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 buy-side activity provided the near-term key support, 54.50s-54s (last week’s breakout area), held. This expectation did not play out as a false breakout developed early week at key resistance, 55.66s. Rotation back through the prior balance occurred into week’s end to 51.80s (near Sharedata's AWR Low target, 51s) within last week’s key demand cluster, 52s-51.33s.
03-08 February 2019
This week’s auction