Free Trial

COMMODITIES: Bearish Conditions in WTI Futures Remains Intact

COMMODITIES

WTI futures remain in a bearish condition. Last Tuesday’s strong sell-off reinforces current conditions and this confirmed an extension of the bear cycle. The most recent bounce appears to be a short-term correction that is allowing an oversold condition to unwind. A resumption of the downtrend would open $63.93 next, a Fibonacci projection point, ahead of the psychological $60.00 handle. Firm resistance is at $71.06, the 20-day EMA. A bullish structure in Gold remains intact and the metal is starting the week on a firm note, trading once again, to a fresh all-time high. Last week’s gains confirmed a resumption of the primary uptrend and marked the end of the recent period of consolidation - a pause in the uptrend. Moving average studies are in a bull-mode set-up, highlighting a clear uptrend. The focus is on $2600.0 next. Firm support lies at $2508.5, the 20-day EMA.

  • WTI Crude up $0.69 or +1.01% at $69.31
  • Natural Gas down $0.01 or -0.56% at $2.292
  • Gold spot up $9.55 or +0.37% at $2587.1
  • Copper down $2.4 or -0.57% at $421.2
  • Silver up $0.22 or +0.71% at $30.9285
  • Platinum down $3.2 or -0.32% at $995.15
185 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

WTI futures remain in a bearish condition. Last Tuesday’s strong sell-off reinforces current conditions and this confirmed an extension of the bear cycle. The most recent bounce appears to be a short-term correction that is allowing an oversold condition to unwind. A resumption of the downtrend would open $63.93 next, a Fibonacci projection point, ahead of the psychological $60.00 handle. Firm resistance is at $71.06, the 20-day EMA. A bullish structure in Gold remains intact and the metal is starting the week on a firm note, trading once again, to a fresh all-time high. Last week’s gains confirmed a resumption of the primary uptrend and marked the end of the recent period of consolidation - a pause in the uptrend. Moving average studies are in a bull-mode set-up, highlighting a clear uptrend. The focus is on $2600.0 next. Firm support lies at $2508.5, the 20-day EMA.

  • WTI Crude up $0.69 or +1.01% at $69.31
  • Natural Gas down $0.01 or -0.56% at $2.292
  • Gold spot up $9.55 or +0.37% at $2587.1
  • Copper down $2.4 or -0.57% at $421.2
  • Silver up $0.22 or +0.71% at $30.9285
  • Platinum down $3.2 or -0.32% at $995.15