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 sell-side activity given the recent stopping point high development at 60.39s. This expectation did not play out as rotation higher early week developed, achieving a stopping point, 60.38s, at key resistance. Selling interest emerged as rotational trade then developed through Thursday as key support was tested, 58.20s. Buying interest emerged there, driving price higher back through the range before a buy-side