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COMMODITIES: Bullish WTI Futures Trading Close to Last Week's Highs

COMMODITIES

A bull cycle in WTI futures remains in play and the contract traded higher last week. The recent breach of $80.11, the May 29 high and a key resistance, strengthened a bullish theme. Note too that $82.24, 76.4% of the Apr 12 - Jun 4 bear leg, has been pierced. A clear break would open $85.24, the Apr 12 high and a bull trigger. Initial firm support to watch is $78.86, the 50-day EMA. A break would be seen as a potential reversal signal. A bear threat in Gold remains present and the yellow metal continues to trade closer to its recent lows. The sell-off on Jun 7 reinforced a short-term bearish theme. Price has pierced the 50-day EMA, at 2318.4. A clear break of this EMA would confirm a resumption of the reversal from May 20 and open $2277.4, the May 3 low. Clearance of this price point would also strengthen a bearish theme. Initial firm resistance is $2387.8, the Jun 7 high.

  • WTI Crude up $0.54 or +0.66% at $82.16
  • Natural Gas down $0.03 or -0.96% at $2.575
  • Gold spot down $2.35 or -0.1% at $2324.28
  • Copper up $0.5 or +0.11% at $439.85
  • Silver up $0.05 or +0.16% at $29.188
  • Platinum down $3.53 or -0.35% at $992.48
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