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 15.64s as support. This expectation played out early week as the key support area, 15.64s, failed in Monday’s auction as a sell-side breakdown ensued. The correction continued to 10.16s near major support (and Sharedata’s average weekly range low target) before buying interest emerged, halting the pullback. A rally then ensued to 20.48s ahead of Friday’s