Category Archives: C ) WTI Crude Light Futures

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WTI UPDATE –

Just a Quick Update on WTI which was my last analysis made before the Easter holidays – And pretty Much SPOT once again – You can Find the Exact Post Here

Maybe I should Start charging¬† ?¬† …erm Now there,s a thought .

WTI crude oil update & overview 20th April

Crude Light Oil futures are now trading the June ‚Äė10 contract after May expired at the close yesterday .

As of Last Thursdays Overview from the 14th April below here,s what was outline .

Freshley squeezed view

Even after two days of heavy selling off Oil remains at elevated levels.
Bulls will look to halt the sell off  toward the top of the March trading range (106.50)  and break its short term Resistance.

Price pretty much acted like I have outlined and now breaking its short term Resistance .

So were do we head from here ?

Price continues to build value above the 100.00 level and bears have a long way to go before being in control of the market . With the June ‚Äė10 contract currently trading around 111.30 .

Freshley Squeeze View

A failure to break the previous low at 106.50 marks key short term support . There is little in the way of resistance and a retest of made the 114.07 now favour bulls .

Also to reiterate Longer term -remain bullish  the Oil market and expect a test of the 120.00 handle in the coming months- .

Squeeze-EM !

WTI crude Oil – Update 14th April

Following on from  last weeks overview РAfter a fast breakout of the previous range on stronger volumes from the 108.00 handle to highs of 113.45
the Market has snapped back over the first two days of this week
with the May contract now trading around 106.50.

Monday Saw the IMF downgrading their estimates for world economic growth with A further sell-off  Tuesday  attributed to a Goldman Sachs piece suggesting both Brent and WTI Crude prices would fall in the coming months .

Technical

After a fast breakout of the previous range on stronger volumes
the market could not consolidate at any prices further up and we have seen a sharp rejection back into the range .

Medium term support now lies at 102.00-70 before the major support at 97.00-70 .

Freshley squeezed view

Even after two days of heavy selling off Oil remains at elevated levels.
Bulls will look to halt the sell off  toward the top of the March trading range (106.50)  and break its short term Resistance.

Longer term -remain bullish  the Oil market and expect a test of the 120.00 handle in the coming months-

However the important psychological 100.00 handle will have there bear come out to play . Any Failure in and around this 106.50 leaves Price vulnerable to an air pocket toward > Medium term support at 102.00-70 on the cards before a Final test of the major support at 97.00-70.

WTI Crude Sunday overview – 2nd April 2011

WTI Crude Light Futures remain bullish settling higher in terms of building value at higher prices above the £100 Area.

The market has shown itself to remain firm above the 100.00-102.00 support zone.

The recent consolidation above the 100.00 mark suggests that the market has started to accept these higher values for the year and now looks to break out higher Technically .

Bulls will now try to capitalize on recent gains having run price into the high prints of 108.25 on the front month contract last Friday .


Freshly Squeezed  View

Strategy – Patiently waiting for pull-backs for buying opportunities .


WTI Crude Light Futures overview

Focus on Oil

Fear gripped the Crude Oil market last week, with Brent Crude Futures traded above $100 for the first time in over two years on Monday. Traders will be keeping a keen eye on the oil prices over the next few days and assess whether the current move is over-exaggerated or if it really does reflect underlying fundamentals.



From a technical perspective –

Bulls have aggressively regained control  Buyers will aim to consolidate the aggressive move and hold onto their gains. They should look to build a stable base above $90.50 or at the very least hold onto strong support at $88.45.
Ultimately,¬† bulls will aim to break above $93.46 –

Sellers will hope the recent rally will retrace as quickly as it advanced.
A break below $88.45 would be a significant victory for the bears and could be a genuine trigger for further losses back down to the mid $80 trading range.


Bear View
Bears have once again lost their foothold in the market. Many sellers may feel that their positions were unlucky to be caught out by such an aggressive reaction to fundamental news. They may feel that the move is an overreaction and that the market is in an obvious place to fade the recent rally.

 

Bull View
Bulls have succeeded in reversing the previous week’s sell off. With momentum back on their side and the current dire fundamental situation in the Middle East, buyers will be looking for the market to follow-through in the next several trading days.