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COMMODITIES: Last Week's Sell-Off Reinforces Bear Theme in WTI Futures

COMMODITIES
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WTI futures maintain a softer tone and last week’s impulsive sell-off reinforces the bear theme. The move lower resulted in a breach of key support at $70.88, the Aug 5 low. The clear break of this level confirms a resumption of the downtrend that started Apr 12 and opens $66.66, a Fibonacci projection. MA studies are in a bear-mode position highlighting a clear downtrend. Initial firm resistance is at $73.09, the 20-day EMA. The trend condition in Gold is unchanged and the primary direction remains up. Moving average studies are in a bull-mode set-up and this continues to highlight a dominant uptrend. Furthermore, a bullish price sequence of higher highs and higher lows remains intact. Sights are on $2536.4 next, a Fibonacci projection. The 20-day EMA has recently been pierced. The next firm support to watch is $2446.0, the 50-day EMA. S/T weakness is considered corrective.

  • WTI Crude up $0.93 or +1.37% at $68.63
  • Natural Gas down $0.08 or -3.56% at $2.194
  • Gold spot down $4.78 or -0.19% at $2491.64
  • Copper up $6.9 or +1.69% at $414.4
  • Silver up $0.15 or +0.54% at $28.068
  • Platinum up $12.48 or +1.35% at $937.51
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WTI futures maintain a softer tone and last week’s impulsive sell-off reinforces the bear theme. The move lower resulted in a breach of key support at $70.88, the Aug 5 low. The clear break of this level confirms a resumption of the downtrend that started Apr 12 and opens $66.66, a Fibonacci projection. MA studies are in a bear-mode position highlighting a clear downtrend. Initial firm resistance is at $73.09, the 20-day EMA. The trend condition in Gold is unchanged and the primary direction remains up. Moving average studies are in a bull-mode set-up and this continues to highlight a dominant uptrend. Furthermore, a bullish price sequence of higher highs and higher lows remains intact. Sights are on $2536.4 next, a Fibonacci projection. The 20-day EMA has recently been pierced. The next firm support to watch is $2446.0, the 50-day EMA. S/T weakness is considered corrective.

  • WTI Crude up $0.93 or +1.37% at $68.63
  • Natural Gas down $0.08 or -3.56% at $2.194
  • Gold spot down $4.78 or -0.19% at $2491.64
  • Copper up $6.9 or +1.69% at $414.4
  • Silver up $0.15 or +0.54% at $28.068
  • Platinum up $12.48 or +1.35% at $937.51