In this article, we examine the significant weekly order flow and market structure developments driving WTI price action.
The primary expectation for this week was for price discovery lower, barring failure of 33.88s as resistance. This expectation did play out as a sell response developed in Sunday’s trade, driving price lower to 27.66s, near early March’s key support into Tuesday’s close. Selling interest emerged there, driving price lower in a sell-side breakdown. Aggressive price discovery lower continued through 2016’s major support, 26s, to 20.53s. Large buying interest emerged there amidst buy excess late in Wednesday’s