CANADA: Politics Week: Trudeau Faces More Pressure To Resign

CANADA SEP CPI +1.6% YOY VS FORECAST +1.8%, PRIOR +2%

MNI China Daily Summary: Tuesday, October 15

MNI CBRT WATCH: Policy To Hold As Monthly Inflation Ticks Up

MNI BRIEF: Iron Ore Prices Have Potential To Increase

MNI: PBOC Net Injects CNY26.2 Bln via OMO Tuesday

MNI: US REDBOOK: OCT STORE SALES +5.6% V YR AGO MO

MNI: CANADA AUG WHOLESALE SALES -1.8%; EX-AUTOS -0.4%

MNI: CANADA SEP CPI INFLATION -0.4% M/M, +1.6% YY

CANADA: Politics Week: Parliament Opens With Early Election Threats

AUSTRALIA: Albanese Lines Up Budget for May Election

AUSTRALIA: Albanese Lines Up Budget for May Election

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

COMMODITIES: Extension Lower in WTI Futures Would Threaten Recent Bullish Theme

COMMODITIES
EM BulletCommoditiesEmerging Market NewsEnergy BulletsBulletMarketsFixed Income BulletsForeign Exchange Bullets

WTI futures have gapped lower today and this has resulted in a break of the Oct 9 low. An extension lower would threaten the recent bullish theme and expose support at $66.33, the Oct 1 low, and $64.61, the Sep 10 low and a key support. For bulls, a resumption of gains would refocus attention on the key short-term resistance at $78.46, the Oct 8 high. Clearance of this level would resume to the recent uptrend. The recent short-term retracement in Gold appears to have been a correction. The trend condition is unchanged and remains bullish. MA studies are in a bull-mode set-up too, highlighting a clear uptrend and positive market sentiment. A resumption of gains would refocus attention on $2690.2, a Fibonacci projection. Firm support lies at $2622.9, the 20-day EMA. It has been pierced, a clear break would signal scope for a deeper retracement.

  • WTI Crude down $3.14 or -4.25% at $70.67
  • Natural Gas down $0.03 or -1.04% at $2.469
  • Gold spot up $4.67 or +0.18% at $2653.57
  • Copper down $5.9 or -1.34% at $434.55
  • Silver down $0.02 or -0.05% at $31.1905
  • Platinum down $12.38 or -1.24% at $984.23
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 have gapped lower today and this has resulted in a break of the Oct 9 low. An extension lower would threaten the recent bullish theme and expose support at $66.33, the Oct 1 low, and $64.61, the Sep 10 low and a key support. For bulls, a resumption of gains would refocus attention on the key short-term resistance at $78.46, the Oct 8 high. Clearance of this level would resume to the recent uptrend. The recent short-term retracement in Gold appears to have been a correction. The trend condition is unchanged and remains bullish. MA studies are in a bull-mode set-up too, highlighting a clear uptrend and positive market sentiment. A resumption of gains would refocus attention on $2690.2, a Fibonacci projection. Firm support lies at $2622.9, the 20-day EMA. It has been pierced, a clear break would signal scope for a deeper retracement.

  • WTI Crude down $3.14 or -4.25% at $70.67
  • Natural Gas down $0.03 or -1.04% at $2.469
  • Gold spot up $4.67 or +0.18% at $2653.57
  • Copper down $5.9 or -1.34% at $434.55
  • Silver down $0.02 or -0.05% at $31.1905
  • Platinum down $12.38 or -1.24% at $984.23