WTI

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REAL-TIME UPDATE TO MEMBERS - 24th Sep 2021

[WTI November Futures Update] Please note the change in contract from October to November (CLX2021). The key levels have shifted slightly given the new contract

As elaborated in the previous updates, WTI continues to build (and rebuild) micro-bullish setups above the PIVOT key support at 67.10-67.40. 

For a DIRECT path to 77+ zone, WTI will need to hold every new support that it forms on its way up. Break below a support shall lead to a more COMPLEX path.

At the micro-level, WTI has managed to trigger a strong rebound near the key support at 68.50-69.30 (previously local).  It has now formed a new layer of local support at 71.20-71.60. For a DIRECT path to 77+, this support shall have to be respected in all retracements going forward.

Failure to hold above 71.20 in a pullback shall invalidate the DIRECT path and open the gates to another rebuilding effort.

WTI is currently meandering around the local resistance ~ 73.50 for the last few hours. A break above this level shall set up a test of the next key resistance at 75.50-76.20 followed by 77.10-77.70

Kindly know your parameters and plan accordingly

REAL-TIME UPDATE TO MEMBERS - 20th Sep 2021

[WTI October Futures Update] Global markets are witnessing knee-jerk reactions and volatility on the back of news flow that China's largest property developer, Evergrande is on the brink of default. With the highly leveraged real estate sector making up a significant portion of China's economy, investors are gauging the potential spillover effects that such defaults or collapse could have on the global financial markets.

Amid such volatility & headline noise, it is best to manage positioning & risks with the help of technical parameters.

WTI Technicals

At the micro-level, the PIVOT key support continues to remain at 67.30-67.60. As mentioned in previous updates, WTI will need to operate above this pivot during all pullbacks to build (and rebuild) micro-bullish setups that shall take the battle to the larger degree resistances in the 77+ zone.

WTI has now formed a new layer of local support at 68.50-69.30 which shall form the first line of defense in the event of a pullback. 

The immediate local resistance is at 73.15-73.50, a break of which shall set up a test of the key resistance at 75.50-76.20

Kindly know your parameters and plan accordingly

REAL-TIME UPDATE TO MEMBERS - 15th Sep 2021


[WTI October Futures Update] WTI continues to build on the bullish setup that was elaborated in the previous update (tagged).

At the micro-level, 67.30-67.60 is now a PIVOT key support. WTI will need to operate above this level and preferably above the newly formed local support at 70.60-71.30 during all smaller degree pullbacks to continue its upward journey towards the next key resistance at 75.50-76.20.

Only a strong break above 76.20 shall shift the focus back to the larger degree resistances (bigger hurdles) in the 77-82 zone. Specific technical levels shall be shared in the event of a break.

Kindly know your parameters and plan accordingly

REAL-TIME UPDATE TO MEMBERS - 13th Sep 2021

[WTI October Futures Update] In our previous updates, we had mentioned that WTI will need to hold above the macro-level PIVOT key support at 60.30-61.00 during technical pullbacks to rebuild a bullish setup that shall again challenge the larger degree resistances in the 77+ zone.

In the last few days, amid all the volatility, WTI has been repeatedly attempting to construct this potential bullish setup and has so far managed to form three additional layers of micro-level key supports in the 63-66 zone as listed: 63.30-63.70, 64.40-64.90 and 65.80-66.60

Forming new layers of supports and defending them during a technical pullback is the most important step in consolidating and strengthening a bullish setup

WTI has now reached the local resistance at 70.60-71.00 shared in the previous update (tagged) and has been probing this level for the last few minutes.

For WTI to bolster this evolving bullish setup, it will now need to operate above the newly formed local support at 67.30-67.60 during all smaller degree pullbacks.

Such a technical setup shall break the nearest local resistance and target the next key resistance at 71.90-72.40 followed by 75.50-76.20.

A break below 67.30 shall pour cold water on this evolving setup and open the gates to another round of consolidation in the 63-66 zone.

Kindly know your parameters and plan accordingly

REAL-TIME UPDATE TO MEMBERS   -  2nd Sep 2021

[WTI October Futures Update] At the micro-level, WTI will now need to operate above the newly formed local support at 67.00-67.30 during all smaller degree pullbacks to morph into a setup that can take the battle to the larger degree resistances in the 77+ zone.

A break below 67 shall pour cold water on this evolving opportunity and reopen the gates to another round of consolidation in the 61-66 levels.

The next key resistance resides at 71.90-72.40.

Kindly know your parameters and plan accordingly

REAL-TIME UPDATE TO MEMBERS   -  24th Aug 2021

 

[WTI October Futures Update] WTI has triggered a bounce slightly above the upper end of the key support at 60.30-61.00. The rebound has also managed to clear the nearest local resistance ~66.30. That said, it is not completely out of the woods yet.

WTI has now formed a new layer of local support at 63.50-64.10. It will need to operate above this level during all smaller degree technical pullbacks if it intends to extend further towards the key resistance at 68.60-69.30.

Inability to hold above 63.50 in a retracement shall shift the focus back to the key support at 60.30-61.00.

Kindly know your parameters and plan accordingly

 

REAL-TIME UPDATE TO MEMBERS   -  16th Aug 2021

[WTI September Futures Update] The previous update (tagged) fully applies. WTI has attempted to probe the PIVOT key support at 64.50-65.15 multiple times so far. Each time, it has managed to trigger a rebound near this level.

The challenge however has been with the follow-through. As mentioned in the last update, the only way to exit the persistent downward pressure is to get past the key resistance at 70.25-70.90. This minimum condition should be met to rebuild another potential setup that will target the larger degree resistances in the 77+ region.

Without a strong follow-through, the PIVOT will be tested over and over. A break below the pivot shall open the gates to a deeper correction and expose the next key support at 60.55-61.35.

Kindly know your parameters and plan accordingly

REAL-TIME UPDATE TO MEMBERS   -  10th Aug 2021

[WTI September Futures Update] The PIVOT key support at 64.50-65.15 has triggered a reasonable rally so far and taken out the nearest local resistance ~ 68.20. However, the job is still half-done.

It is critical for WTI to get past the key resistance at 70.25-70.90 to exit the downward pressure and to rebuild another potential setup that shall target the larger degree resistances in the 77+ region.

The manner in which the PIVOT is being repeatedly defended makes it quite evident that it remains the heart & soul of this developing setup. A break below it shall open the gates to a deeper correction.

Kindly know your parameters and plan accordingly


 

REAL-TIME UPDATE TO MEMBERS   -  9th Aug 2021


[WTI September Futures Update] In our previous update (tagged), we had mentioned that WTI needed to meet the minimum condition of surpassing the immediate resistance near 71 to pull itself out of the near-term downward pressure. While WTI did make a couple of rebound attempts, each time it fell short of reaching the resistance.

Consequently, the downward pressure remained persistent and WTI dropped to the PIVOT key support at 64.50-65.15 (slightly calibrated) earlier today.

After probing the pivot for the last few hours, WTI is currently attempting a bounce off it. That said, the reaction to this pivot zone needs to be impulsive & strong enough to at least take out the nearest local resistance at 67.80-68.20.

Inability to gain substantial traction to surmount the immediate resistance shall make the pivot vulnerable and open the gates to a deeper correction to 58-62 levels.

Kindly know your parameters and plan accordingly



 

REAL-TIME UPDATE TO MEMBERS   -  5th Aug 2021


[WTI September Futures Update] WTI has broken the nearest support after it failed to garner the requisite traction in the rebound earlier today.

At the very least, WTI will need to surmount the newly formed local resistance at 70.85-71.30 to begin confronting the near-term downward pressure.

Inability to satisfy this minimum condition shall set up a test of the next key support at 65.75-66.35, a break of which shall expose the PIVOT key support at 64.80-65.20.

Kindly know your parameters and plan accordingly



 

REAL-TIME UPDATE TO MEMBERS   -  1st Aug 2021


[WTI September Futures Update] WTI has receded exactly from the key resistance at 74.25-74.60 shared in the previous update.

At the micro-level, the nearest local support is at 69.90-70.55 followed by the key support at 68.50-69.20 (slightly calibrated).

At the macro-level, the PIVOT key support has been revised lower to 64.80-65.20.

WTI will need to operate above the PIVOT and preferably above the micro-level supports during technical pullbacks if it intends to take the battle to the BIGGER HURDLES in the 77+ region again.

A break below the PIVOT shall dismantle the evolving setup and reopen the gates to a deeper correction.

Kindly know your parameters and plan accordingly


 

REAL-TIME UPDATE TO MEMBERS   -  23rd Jul 2021


[WTI September Futures Update] Earlier this month, WTI was on the verge of taking the battle to the larger degree key resistance zone (78+) but retreated from a preceding resistance near 77. This technical level was identified as a relatively strong resistance given its proximity to the bigger hurdles from 78 onwards.

The big question is:  What will it take for WTI to hit these macro-level resistance zones again?

The rebound off the key support at 64.50-64.90 has been promising so far and has reached the key resistance at 71.60-72.20 with little pullback. A break above this level shall expose the next key resistance at 73.20-73.65 followed by 74.25-74.60.

Any technical pullback from these resistances should hold above the PIVOT key support at 67.40-68.00 and preferably above the local support at 68.70-69.05 to give birth to a setup that shall have another go at the resistances in the 77+ region.

A break below the PIVOT shall pour cold water on this evolving setup and reopen the gates to a deeper correction.

Kindly know your parameters and plan accordingly

REAL-TIME UPDATE TO MEMBERS   - 14th Jul 2021

[WTI August Futures Update] WTI continues to operate in wave(5) within a larger degree bullish setup.

At the macro-level, WTI will need to hold above the PIVOT key support at 68.10-68.50 during all technical pullbacks to maintain the sacrosanctity of this wave structure. A break below 68.10 shall be a preliminary signal of a potential incoming deeper correction.

At the micro-level, WTI has previously receded sharply from the key resistance at 76.90-77.30 (slightly adjusted), which was labelled as a relatively strong obstacle given its proximity to the larger degree resistance zone (78+). The pullback reached the nearest key support at 70.40-70.85, which managed to trigger a strong rebound.

WTI will need to operate above this key support and preferably above the newly formed local support at 72.10-72.65 if it intends to setup a retest of the key resistance at 76.90-77.30.

A break above 77.30 shall open the gates to a cluster of larger degree resistances (BIGGER HURDLES) that begins from mid-78 onwards.

Kindly know your parameters and plan accordingly


 

REAL-TIME UPDATE TO MEMBERS   - 7th Jul 2021


[WTI August Futures Update] WTI has previously receded from the key resistance at 76.50-76.90 and has reached the key support at 70.40-70.85. It is currently attempting a bounce off this support.

Below this region resides the PIVOT key support at 68.10-68.50.

At the macro-level, WTI will need to hold above this pivot on all technical pullbacks if it intends to have another go at the key resistance at 76.50-76.90 followed by the larger degree resistance zone ( 78+).

Failure to hold above 68.10 shall be a preliminary signal of a potential incoming deeper correction, possibly to 59-62 zone.

Kindly know your parameters and plan accordingly

REAL-TIME UPDATE TO MEMBERS   - 25th Jun 2021

[WTI August Futures Update]  The previous update continues to fully apply. Small changes have been made to the local support and an additional layer of key support has been updated.

At the micro-level, WTI has receded from the key resistance at 74.30-74.70 and reached the local support at 71.90-72.25, which has triggered a bounce. An additional layer of key support has now formed at 70.40-70.80, which shall be the next line of defense if there is any further retracement.

WTI will need to operate above the key support at 68.10-68.50 and preferably above the supports listed above on any technical pullback to directly challenge the adjacent key resistances at 74.30-74.70 followed by 75.10-75.30. A break above 75.30 shall expose a relatively stronger key resistance at 76.50-76.90.

Only a strong decisive break below 68.10 shall open the gates to a deeper correction.

WTI continues to operate in wave(5) within a larger degree bullish setup at the macro-level.

 

 

REAL-TIME UPDATE TO MEMBERS   - 18th Jun 2021

[WTI July Futures Update] Let's review the BIG picture in WTI to understand the potential scenarios. We are also addressing a couple of macro-level FAQs in this update

WTI continues to remain in wave(5) within a larger degree bullish setup.

For a DIRECT path [PATH 1] further into the 72-78 zone, WTI will need to operate above the key support at 65.90-66.20 and preferably above the local support at 69.00-69.40. A break below 69.00 shall weaken PATH 1.

An alternate path [PATH 2] shall activate ONLY if WTI fails to hold above 69 during any technical pullback.  In this scenario, WTI shall develop the potential to correct deeper to the key support at 65.90-66.20 or even the next key support at 61.55-62.20 before embarking on another journey into the 72-78 zone. Again, it is important to note that this path shall gain in probability & relevance only below 69.

Now that we have discussed the potential micro-level paths and the underlying parameters, let us also understand the potential of wave(5).

Wave (5) shall begin encountering larger degree key resistances or BIGGER HURDLES from 78 onwards. Potential extensions to the 84-86 area cannot be completely ruled out. The primary bullish scenario that we have been tracking from the lows of April 2020 points to the completion of wave(5) in this region or near the extensions.

Can a super bullish pattern develop targeting regions well beyond these extensions ($100 oil)?

Reaction to the larger degree key resistances in wave(5) shall provide visibility on any such evolving scenario.

What happens after wave(5) reaches completion?

Completion of wave(5) at a macro-level would signify that a MEANINGFUL TOP has formed in WTI and a sizable retracement of the order of at least $20-$30 shall begin.

This is a macro-level update to help understand the larger context that is currently underway in WTI. The regular micro-level updates shall help navigate the smaller degree twists & turns. Kindly know your parameters and plan accordingly

REAL-TIME UPDATE TO MEMBERS   - 11th Jun 2021

[WTI July Futures Update] In line with the previous update (tagged), WTI is approaching the key resistance at 71.00-71.40. Only a strong decisive break of this level shall open the gates to the next key resistance at 73.20-73.50 followed by 74.30-74.70.

Any micro-level technical pullback will need to hold above the key support at 65.90-66.20 and preferably above the  local support at 68.20-68.50 for WTI to continue pursuing the current path of directly extending into the 72-78 region.

Markets have the propensity to generate a few minutes/hours of hyper-volatility during news/report releases. This phenomenon occurs due to a sudden sporadic surge in volumes (or impulsive emotions). Once the volatility subsides, the price action blends back into the original technical structure.

Yesterday's news release around "US lifting sanctions on Iran oil officials" is a good example. During the hyper-volatility window caused by this headline, WTI revisited the nearest support around 68.50 in a flash and then rebounded sharply to merge back into the original micro-structure to set out in the direction of the next resistance near 71.

With Iran General Elections on June 18 and nuclear talks to continue over the next few weeks, oil markets may witness similar knee-jerk reactions to statements from various stakeholders. Amid such temporary volatility, it is important to stay laser-focused on the larger degree wave structure and the micro-technical parameters.

 

REAL-TIME UPDATE TO MEMBERS   - 4th Jun 2021

[WTI July Futures Update] As WTI approaches the 70+ region, it is important to pay close attention to all micro-level technical parameters and plan to position accordingly.

At a macro-level, WTI continues to remain in a larger degree bullish setup and is on course to reach the 72-78 region.

At a micro-level, WTI has now formed a pivot key support at 65.90-66.20 followed by a local support at 67.20-67.50.

WTI will need to ensure that it operates above this key support and preferably above the local support in all technical pullbacks if it intends to directly extend into the 72-78 zone.

Only a strong break below 65.90 shall open up the potential for a deeper correction to the lower supports and delay the next leg up.

An intermediate _local resistance_ has now formed at 69.65-69.95. A break above 69.95 shall clear the path to the next key resistance at 71.00-71.40 followed by 72.05-72.30.

 

 

REAL-TIME UPDATE TO MEMBERS   - 29th May 2021

 

[WTI July Futures Update] WTI has failed to surmount the key resistance at 67.40-67.75 shared in the previous update (tagged) and is currently receding from it. Surpassing this level is a necessary condition for WTI to strengthen the developing micro-bullish setup.

WTI has now formed TWO new layers of adjacent local supports at 64.90-65.25 followed by 63.60-64.20.

WTI will need to operate above these supports in the current technical pullback if it intends to have another go at the key resistance at 67.40-67.75 and also break out higher.

Only a break below 63.60 shall trigger a deeper correction and delay the next wave up.

At a macro-level, WTI continues to operate in a larger degree bullish setup and remains on course to reach the 72-78 region later this year.

OPEC+ is scheduled to meet on 01 June, Tuesday. Iran's return shall top the agenda at the talks. The event has the potential to bring knee-jerk reactions. Kindly know your parameters and operate with solid risk management over the next few days.

 

REAL-TIME UPDATE TO MEMBERS   - 21st May 2021

[WTI July Futures Update] It's time to review the big picture.

With Iran Presidential Election around the corner (June 18, 2021), political positioning & posturing around the nuclear deal may gather steam. Oil markets may react in a knee-jerk manner frequently to statements from various stakeholders.

Amid such temporary volatility, it is important to stay laser-focused on the larger degree wave structure which shall target much higher levels in wave(5) later this year.

At a macro-level, WTI continues to remain in a larger degree bullish setup and has been oscillating in a corrective wave(4) for the last few weeks. We already know that wave(4) has the propensity to whipsaw frequently and thrives in a volatile environment. The latest commotion around the Iran deal works as a perfect fundamental blend for such waves.

Technically, WTI will need to ensure that it operates above the key support at 57.00-57.60 on all technical pullbacks or whipsaws to transition from wave(4) to wave(5), which shall set up a test of the resistances in the 72-78 zone in the months to come.

Only a break below 57 shall open the gates to a slightly deeper correction in wave(4) and delay the next wave up.

At a micro-level, the latest bounce will need to provide a strong decisive break of the newly formed  local resistance at 64.30-64.70 for WTI to pull itself out of the current weakness and rebuild a micro-bullish setup.  Inability to surmount the local level shall set up another whipsaw & a test of the key support at 60.70-61.20.

Kindly know your parameters and plan accordingly

 

 



REAL-TIME UPDATE TO MEMBERS   - 13th May 2021

[WTI June Futures Update] While WTI managed to breach the local resistance, it failed to break the previous high ~ 66.76 and receded from it as a result of overall weakness in the broader markets.

The pivot key support continues to remain at 62.90-63.20 and will need to hold in the current pullback if WTI intends to have another go at the previous high followed by the key resistance at 67.60-67.80.

Only a break below 62.90 shall weaken the current setup and expose the lower key supports at 61.80-62.20 and 60.30-60.70.
 

 

REAL-TIME UPDATE TO MEMBERS   - 7th May 2021

[WTI June Futures Update] WTI has been repeatedly probing the local support at 64.40-64.70 and attempting a bounce off it for the last several hours. That said, the traction has been limited so far.

Overall, WTI will need to operate above the key support at 62.90-63.20 on all technical pullbacks if it intends to build another micro-set up to test the larger degree key resistance at 67.25-67.55.

A break below 62.90 shall weaken the immediate potential of this setup and expose the lower key supports at 61.80-62.20 and 60.30-60.70.

Please note that NFP (US employment report) window typically brings an abrupt transient surge in volumes and therefore greater volatility. Know your parameters and plan accordingly
 

 

REAL-TIME UPDATE TO MEMBERS   - 28th Apr 2021

[WTI June Futures Update] WTI has previously bounced off the key support at 60.45-60.85 and has managed to surpass the nearest local resistances.

As mentioned in the previous update, WTI shall now have the license to retest the key resistance at 64.40-64.80.

Only a strong decisive break of 64.80 shall set up the test of the next key resistance at 65.65-65.95.

The nearest local support is now at 61.80-62.15 above the key support at 60.45-60.85.
 

 

REAL-TIME UPDATE TO MEMBERS   - 21st Apr 2021

[WTI June Futures Update] Amid the micro-level updates that provide visibility on price action from point A to point B (resistance to support & vice-versa), it is important to NOT lose sight of the larger degree context in WTI.

As articulated in the previous macro-level updates, WTI continues to operate in a larger degree corrective wave(4) and remains very much in WHIPSAW territory.

Rebroadcasting a note that elucidates the behavior of corrective waves

Corrective waves have the proclivity to test the limits at one end and then move swiftly to the other end to do the same. The process can repeat multiple times in the life cycle of a corrective wave. This is the reason why such waves can cause massive whipsaws.

A corrective wave is analogous to a pitstop in a Formula 1 race. Just like how a pitstop is a necessary stage to inspect the resilience of the car to cross the finish line and deliver a successful race, a corrective wave is a temporary consolidation stage to check the resilience of a larger degree pattern. The technical levels within the pattern are like the parts of the car which are constantly probed, checked, and tested to their limits to make them more resilient and ready for the next big wave.

While, at the micro-level, this corrective process introduces choppiness & frequent whipsaws, in the bigger picture, it is a necessary healthy phase for the overall progress of a pattern. In simple words, it is a small step back to take a giant leap forward.

Back to the WTI technical update


In line with the previous update, WTI has reached the key support at 60.45-60.85 (slightly calibrated) after receding from the key resistance at 64.45-64.75 yesterday.

While WTI is currently attempting a bounce off this support, it will need to get past two new hurdles at the local resistance at 62.60-62.85 followed by 63.30-63.65 to build a case for a retest of the key resistance at 64.45-64.75.

Inability to surpass the local resistances in this bounce shall set up another test of the key support at 60.45-60.85, a break of which shall target the next key support at 58.35-58.80 (slightly calibrated).

Kindly note these parameters and plan accordingly

 

 


REAL-TIME UPDATE TO MEMBERS   - 13th Apr 2021

[WTI May Futures Update] WTI continues to operate in a larger degree corrective wave. It has mostly been oscillating between 57 and 61 levels over the last few days.

Given the frequent erratic whipsaws in a corrective wave structure, we are sharing nano-levels within the smaller degree sub-waves for better clarity.

WTI has now formed a local resistance at 60.75-60.95. Only a break above this level shall provide it with a passage to test the adjacent key resistance at 61.30-61.65.

Inability to surpass the immediate resistance shall set up a test of the newly formed local support at 58.10-58.50, a break of which shall expose the key support at 56.80-57.20 again.

Corrective waves, by their inherent nature, can trigger frequent whipsaws. Kindly operate with discipline & risk management.
 

 

REAL-TIME UPDATE TO MEMBERS   - 6th Apr 2021

[WTI May Futures Update] Please note that oil markets may witness volatility this week on the back of US-Iran indirect talks on nuclear deal in Vienna. While the US state department has hinted that they "do not expect any early or imminent success in the Vienna-Iran talks", it is important to refer back to the comprehensive technical map and be prepared to maneuver through any potential knee-jerk reactions to the outcome of these talks.

Re-summarizing the key parameters below:-

At a macro-level, WTI continues to operate in a larger degree corrective wave within a bullish setup. This wave structure has the propensity to whipsaw often as evidenced by the fact that WTI has oscillated between 57 & 61+ three times in the last 2 weeks.

While WTI has held the key support at 56.80-57.20 in the pullbacks so far, any violation of this level shall trigger a deeper correction in wave(4) and open the gates to the larger degree key support at 53.90-54.30 followed by 51.85-52.30.

The nearest key resistance is at 62.45-62.70 followed by 63.75-64.15.

A  local resistance has also formed at 59.65-59.95.

Kindly know your parameters and operate with solid risk management during this window.

 

 


REAL-TIME UPDATE TO MEMBERS   - 24th Mar 2021

[WTI May Futures Update] WTI has bounced off the key support at 56.80-57.20 shared in the previous update and has managed to clear the first layer of micro-level obstacles after meandering around each of them for some time. The BIG TEST shall be the next key resistance at 61.75-62.05 followed by 62.90-63.30 slightly calibrated).

If WTI can garner some more traction to surmount both these resistances decisively, then it opens the gates to a transition from wave(4) to wave(5) and a retest of the highs.

Below these resistances, WTI is still operating in a corrective wave(4) and remains very much in WHIPSAW territory. 

It is important to understand how a corrective wave behaves. These waves have the proclivity to test the limits at one end and then move swiftly to the other end to do the same. Such a process can repeat multiple times in the life cycle of a corrective wave. This is the reason why corrective waves cause massive whipsaws.

A corrective wave is analogous to a pitstop in a Formula 1 race. Just like how a pitstop is a necessary stage to inspect the resilience of the car to cross the finish line and deliver a successful race, a corrective wave is a temporary consolidation stage to check the resilience of a larger degree pattern. The technical levels within the pattern are like the parts of the car which are constantly probed, checked, and tested to their limits to make them more resilient and ready for the next big wave. 

While, at the micro-level, this corrective process introduces choppiness & frequent whipsaws, in the bigger picture, it is a necessary healthy phase for the overall progress of a pattern. In simple words, it is a small step back to take a giant leap forward.

 


 

REAL-TIME UPDATE TO MEMBERS   - 15th Mar 2021

[WTI April Futures Update] WTI continues to operate in a larger degree bullish setup. It has previously pulled back from the larger degree key resistance at 67.75-68.20 and reached the key support at 63.20-63.60 where it has been attempting another bounce for the past few days.

At a micro-level, WTI will need to operate above this support if it intends to have another go at the key resistance at 67.75-68.20.

Inability to hold this support level shall expose the next key support at 62.35-62.60 followed by 61.20-61.50.

 


 

REAL-TIME UPDATE TO MEMBERS   - 5th Mar 2021


[WTI April Futures Update] In our previous macro-level update, we had articulated the significance of the PIVOT key support at  58.60-59.10. In the last few days, this pivot level has been successful in fending off two probing attempts and has also managed to secure a strong bounce.

WTI has formed a new layer of key support at 62.25-62.65.  It will need to ensure that any technical pullback holds above this support if it intends to continue extending higher within the macro-level bullish setup.

WTI is now approaching a local resistance at  64.85-65.00.  Surmounting this level shall set up a test of the next larger degree key resistance at 65.40-65.80 (slightly calibrated) followed by 67.75-68.20.

 

REAL-TIME UPDATE TO MEMBERS   - 25th Feb 2021

[WTI April Futures Update] It's time to review the BIGGER picture in WTI.

WTI continues to operate in a macro-level bullish setup which is buttressed by the critical key support at 45.60-46.00.

Zooming in, WTI has now formed a major line of defense with the help of key supports at 56.30-56.60, 54.00-54.30, and 52.50-52.80. These fortifications shall come into play only if WTI breaks the immediate micro-level support resulting in a larger degree (deeper) correction before the next wave up.

Zooming in further, at a micro-level, WTI has the potential to extend further within the bullish setup as long as it does not violate the key support at 58.65-59.10.

In other words, WTI will need to operate above this micro-support level on any technical pullback if it intends to challenge the larger degree key resistance at 62.95-63.40 followed by 65.60-65.95 and 67.75-68.20.

Kindly know your parameters and plan accordingly

 

 


REAL-TIME UPDATE TO MEMBERS   - 15th Feb 2021

[WTI March Futures Update] WTI continues to extend in wave(3) within a larger degree bullish setup.

To build a new micro-setup that shall target the next larger degree key resistance at 63.10-63.50, WTI will need to ensure that it operates above the key support at 57.10-57.30 and preferably above the key support at 58.30-58.70 on any technical pullback.

Inability to hold above 57.10 shall invoke a deeper & complex correction scenario before the next wave higher.

Kindly know your parameters and plan accordingly

 

 


REAL-TIME UPDATE TO MEMBERS   - 5th Feb 2021

[WTI March Futures Update] WTI continues to extend within a macro-level bullish setup. Just like how a wave(2) is famous for its whipsaws, a wave(3) is well known for its over-extensions.

WTI has now formed a new layer of key support at 54.90-55.30. Any micro-level technical pullback should not violate this level if WTI intends to over-extend further and challenge the next larger degree key resistance at 58.90-59.30.

A local resistance has also formed at 57.30-57.65.

Inability to hold above 54.90 shall be a preliminary indication of a potential micro-level pullback within wave(3) and expose the next key support at 52.10-52.40.

Please know your parameters and plan accordingly

 


REAL-TIME UPDATE TO MEMBERS   - 26th Jan 2021

[WTI March Futures Update] WTI has been operating in a narrow band constantly oscillating between the key support at 51.50-51.60 and key resistance at 52.80-53.00. In the meanwhile, another layer of key resistance has formed at 53.50-53.75.

WTI has now been presented with the task of surpassing these two resistances if it intends to test the larger degree key resistance at 54.95-55.35. Inability to take out 53.75 in the current bounce shall make the nearest key support vulnerable.

A sustained break below 51.50 shall expose the next key supports at 50.55-50.95 followed by 49.50-49.80.

 

REAL-TIME UPDATE TO MEMBERS   - 28th Jan 2021  

[WTI March Futures Update] At a micro-level, WTI has been repeatedly attempting to probe the key resistance at 53.65-53.95. Only a strong break of this level shall shift the focus to the larger degree key resistance at 54.95-55.35.

The immediate key support continues to remain at 51.50-51.60 which has been tested multiple times but has held strong so far.

The macro-level update has not changed much. WTI continues to remain in a larger degree bullish setup above the critical key support at 45.40-45.70. 

That said, it is approaching a few BIGGER HURDLES in the 54-58 zone which shall constantly attempt to push back and trigger frequent technical corrections.

REAL-TIME UPDATE TO MEMBERS   - 20th Jan 2021  

[WTI March Futures Update] Please note the change in contract from February to March. The micro-pattern remains the same. Only the key levels have shifted slightly in light of the change in contract.

WTI has again bounced off the key support at 51.60-51.80. It has also formed a local support at 52.40-52.60. As long as these hold, WTI has the license to make another attempt to reach the larger degree key resistance at 54.95-55.35. 

Only a break below 51.60 shall expose the next key supports at 50.80-50.95 followed by 49.70-49.90.

REAL-TIME UPDATE TO MEMBERS  - 17th Jan 2021  

[WTI February Futures Update] WTI has been continuously attempting to bounce off the key support at 51.70-52.00 (slightly calibrated) in the last few trading sessions, but starts losing traction as it gets closer to the larger degree key resistance at 54.55-54.80. WTI has the license to make multiple attempts to reach the resistance as long as it operates above 51.70.

A break below 51.70 shall expose the adjacent key supports at 50.60-50.85 and 49.95-50.25

REAL-TIME UPDATE TO MEMBERS  - 10th Jan 2021  

[WTI February Futures Update] In line with the previous micro-update (tagged), WTI is continuing its journey higher within a larger degree bullish setup and has reached the 52+ zone. It has also broken the nearest resistance. 

 

While the next key resistance is at 54.55-54.80, WTI will need to operate above the newly formed key support at 51.10-51.35 if it intends to target this level.

REAL-TIME UPDATE TO MEMBERS   - 07th Jan 2021  

[WTI February Futures Update] In our macro-level updates covered in the last few months, we have been consistently maintaining that WTI remains in a larger degree bullish setup and that it is only a matter of time before it conquers the 50-55 zone. 

Now that WTI has entered this region, it is important to review the technicals in detail.

At a macro-level, while WTI remains in a bullish setup, it is not going to be all smooth sailing. WTI shall encounter BIGGER HURDLES in the 52-58 region which have the potential to trigger a larger degree technical correction. So, keep a close eye on the micro-level updates, know your technical parameters, and plan to position accordingly.