Bearish Conditions in WTI Futures Intact

Bearish conditions in WTI futures remain intact and short-term gains are considered corrective. Resistance to watch is $75.02, the 50-day EMA. The average was briefly pierced late December. A clear break of it would strengthen a bullish theme and highlight a stronger reversal. For bears, moving average studies are in a bear-mode position, highlighting a downtrend. The trigger for a resumption of the trend is $67.98, Dec 13 low. The Dec 13 reversal in Gold and the subsequent move higher continues to suggest the Dec 4 - 13 pullback was a correction. Note that moving average studies are in a bull-mode position too, reflecting an uptrend. A resumption of gains would open $2097.1, 76.4% of the Dec 4 - 13 bear leg, ahead of key resistance and the Dec 4 all-time high of $2135.4. Initial support to watch is $2011.3, the 50-day EMA. Key support lies at $1973.2, the Dec 13 low.

• WTI Crude down $0.94 or -1.27% at $72.89
• Natural Gas down $0.05 or -1.59% at $2.847
• Gold spot down $14.65 or -0.72% at $2029.89
• Copper down $1.1 or -0.29% at $379.25
• Silver down $0.2 or -0.87% at $22.9485
• Platinum down $8.04 or -0.83% at $955.57