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COMMODITIES: Bearish Theme in WTI Futures Still Present

COMMODITIES
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WTI futures have recovered from their recent lows. However, a bearish theme remains intact following last week’s sell-off. A resumption of weakness would threaten the recent bullish theme and expose $65.99, the Oct 1 low, and $64.16, the Sep 10 low and a key support. For bulls, a stronger reversal would instead refocus attention on the key short-term resistance at $77.70, the Oct 8 high. Clearance of this level would resume to the recent uptrend. Gold bulls remain in the driver’s seat and price is trading closer to its recent highs. Last week’s gains resulted in a break of $2685.6, the Sep 26 high, confirming a resumption of the primary uptrend. This week’s extension reinforces the bull theme. Sights are on $2767.1 next, a Fibonacci projection point, ahead of the $2800.0 handle. Firm support is $2666.6, the 20-day EMA. A clear break of this EMA would signal scope for a deeper retracement.

  • WTI Crude up $1.07 or +1.51% at $71.88
  • Natural Gas up $0.05 or +2.26% at $2.395
  • Gold spot up $22.3 or +0.82% at $2737.64
  • Copper up $5.1 or +1.18% at $438.8
  • Silver up $0.54 or +1.59% at $34.2375
  • Platinum up $16.28 or +1.59% at $1037.81
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WTI futures have recovered from their recent lows. However, a bearish theme remains intact following last week’s sell-off. A resumption of weakness would threaten the recent bullish theme and expose $65.99, the Oct 1 low, and $64.16, the Sep 10 low and a key support. For bulls, a stronger reversal would instead refocus attention on the key short-term resistance at $77.70, the Oct 8 high. Clearance of this level would resume to the recent uptrend. Gold bulls remain in the driver’s seat and price is trading closer to its recent highs. Last week’s gains resulted in a break of $2685.6, the Sep 26 high, confirming a resumption of the primary uptrend. This week’s extension reinforces the bull theme. Sights are on $2767.1 next, a Fibonacci projection point, ahead of the $2800.0 handle. Firm support is $2666.6, the 20-day EMA. A clear break of this EMA would signal scope for a deeper retracement.

  • WTI Crude up $1.07 or +1.51% at $71.88
  • Natural Gas up $0.05 or +2.26% at $2.395
  • Gold spot up $22.3 or +0.82% at $2737.64
  • Copper up $5.1 or +1.18% at $438.8
  • Silver up $0.54 or +1.59% at $34.2375
  • Platinum up $16.28 or +1.59% at $1037.81