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Bearish Threat in WTI Futures Remains Present

COMMODITIES

Bearish conditions in WTI futures remain intact and Monday’s sell-off reinforces the bear theme. Resistance to watch is $74.85, 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 too, highlighting a downtrend. The trigger for a resumption of the trend is $67.98, Dec 13 low. Gold traded lower Monday, extending the pullback from $2088.5, the Dec 28 high. The next support to watch is $2012.0, the 50-day EMA. A break of this level, if seen, would expose key support at $1973.2, the Dec 13 low. For bulls, clearance of $2088.5 would reinstate the bull cycle that started on Dec 13. This 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.


  • WTI Crude up $1.18 or +1.67% at $71.95
  • Natural Gas up $0.02 or +0.5% at $2.994
  • Gold spot up $8.53 or +0.42% at $2036.91
  • Copper up $0.45 or +0.12% at $381.35
  • Silver up $0.08 or +0.36% at $23.2002
  • Platinum up $3.04 or +0.32% at $951.28
Energy BulletsCommodities
Energy BulletsCommodities

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