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Bearish Conditions in WTI Futures Remain Intact

COMMODITIES

Bearish conditions in WTI futures remain intact and recent gains still appear to be a correction. Resistance to watch is $75.80, the 50-day EMA. The average was pierced on Monday. 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 downtrend lies at $67.98, the Dec 13 low. The Dec 13 reversal in Gold and the subsequent move higher points to the end of the Dec 4 - 13 corrective pullback. This week’s move highlights a bullish theme and note that moving average studies are in a bull-mode position too, reflecting an uptrend. A continuation higher has opened $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. Key support lies at $1973.2, the Dec 13 low.


  • WTI Crude down $0.49 or -0.66% at $73.61
  • Natural Gas down $0.01 or -0.25% at $2.433
  • Gold spot down $0.99 or -0.05% at $2076.45
  • Copper down $2.95 or -0.75% at $393.1
  • Silver up $0.06 or +0.25% at $24.3266
  • Platinum down $0.54 or -0.05% at $999.72
Energy BulletsCommodities
Energy BulletsCommodities

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