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, barring failure of 55.97s as resistance. This expectation did play out as a sell-side breakdown developed early in the week, driving price lower to 52.13s into Monday’s auction. Buy excess developed there, halting the sell-side sequence as price discovery higher developed to 54.37s into Wednesday’s trade, testing the breakdown area. Sell excess developed there, driving price lower through