WTI Futures Consolidate Amid Mixed Data: Can the Bullish Pennant Hold?

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WTI Futures Consolidate Amid Mixed Data: Can the Bullish Pennant Hold?

WTI Crude Oil Futures (March) **CONTRACT SWITCH TO MARCH

Yesterday’s Settlement: 77.85 down -0.86 [ -1.09%]

WTI Crude Oil futures fell yesterday from overbought levels on profit-taking and a weak retail sales figure.

There were reports that Saudi Aramco received multiple requests from Indian and Chinese refineries for up to 750k barrels of oil, as their previous suppliers for those barrels had been hit by sanctions. Some of the selling from yesterday could be speculation that Saudi Arabia will hike production to meet the market shortfall caused by Russian sanctions.

The Gaza ceasefire deal was another catalyst that may have aided the bear case. As we approach Trump’s inauguration next week, traders could be reshuffling their positions.

Today, futures are lower by -0.33 [-0.43%] to 77.52

WTI Crude Oil futures are trading lower this morning on a mixed macroeconomic backdrop. Equity markets are trading very strong against a stronger Dollar, bond strength, and a weaker metals space.

China reported Q4 data last night that included GDP, Industrial Production, and Retail Sales last night. The majority of headline data surprised to the upside. The reported figures are as follows:

YoY GDP: +5.4% [+5.0% estimate]
YoY Industrial Production: +6.2% [+5.4% estim]
YoY Retail Sales: +3.7% [+3.6% estim]
YoY Fixed Asset Investment Ex Rural: +3.2% [+3.3% estim]
YTD YoY Property Investment: -10.6% [-10.4% estim]
Despite the upside surprise to Chinese data, industrial metals are trading markedly lower this morning.

The E.U. reported CPI and GDP figures, both printed in-line with estimates.

U.S. data, including Housing Starts and Industrial Production, came in stronger than expected. MoM Housing Starts were far above estimates at +15.8% [+3.0% estim].

Technical Analysis – Updated by CEO Bill Baruch:

WTI Crude Oil futures are building a beautiful pennant over the last three sessions. Theoretically, it should resolve in the direction of the underlying trend: higher. The healthy consolidation comes in just below March contract highs from last year and significant resistance areas around the $80 mark created from front-month only futures. What matters most for the bull case is continued construction out above key support at 76.93-77.04, aligning lows from yesterday and the ramp from Wednesday, and out above our line in the sand major three-star resistance at…

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Futures trading involves a substantial risk of loss and may not be suitable for all investors. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.

Blue Line Futures is a member of NFA and is subject to NFA’s regulatory oversight and examinations. However, you should be aware that the NFA does not have regulatory oversight authority over underlying or spot virtual currency products or transactions or virtual currency exchanges, custodians, or markets. Therefore, carefully consider whether such trading is suitable for you considering your financial condition.

With Cyber-attacks on the rise, attacking firms in the healthcare, financial, energy, and other state and global sectors, Blue Line Futures wants you to be safe! Blue Line Futures will never contact you via a third-party application. Blue Line Futures employees use only firm-authorized email addresses and phone numbers. If you are contacted by any person and want to confirm your identity please reach out to us at info@bluelinefutures.com or call us at 312- 278-0500

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