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COMMODITIES: Rally in WTI Futures Undermines Recent Bearish Theme

COMMODITIES
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WTI futures traded higher Monday as the pair extended the rally that started on Oct 1. The climb undermines a recent bearish theme and suggests potential for a continuation higher near-term. Sights are on $77.40, the 76.4% retracement of the Jul 5 - Sep 10 bear leg. This level has been pierced, a clear break of it would strengthen a bullish condition. On the downside, initial firm support to watch is $71.18, the 20-day EMA. Gold remains in consolidation mode. The trend condition is unchanged and bulls remain in the driver’s seat. The latest pause appears to be a flag formation - a bullish continuation pattern, reinforcing the current trend condition. Moving average studies are in a bull-mode set-up too, highlighting a clear uptrend and positive market sentiment. The focus is on $2690.2 next, a Fibonacci projection. Firm support lies at $2615.0, the 20-day EMA.

  • WTI Crude down $1.5 or -1.94% at $75.57
  • Natural Gas up $0.01 or +0.51% at $2.76
  • Gold spot down $4.62 or -0.17% at $2638.58
  • Copper down $13.4 or -2.93% at $443.2
  • Silver down $0.5 or -1.59% at $31.191
  • Platinum down $11.29 or -1.16% at $965.89
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WTI futures traded higher Monday as the pair extended the rally that started on Oct 1. The climb undermines a recent bearish theme and suggests potential for a continuation higher near-term. Sights are on $77.40, the 76.4% retracement of the Jul 5 - Sep 10 bear leg. This level has been pierced, a clear break of it would strengthen a bullish condition. On the downside, initial firm support to watch is $71.18, the 20-day EMA. Gold remains in consolidation mode. The trend condition is unchanged and bulls remain in the driver’s seat. The latest pause appears to be a flag formation - a bullish continuation pattern, reinforcing the current trend condition. Moving average studies are in a bull-mode set-up too, highlighting a clear uptrend and positive market sentiment. The focus is on $2690.2 next, a Fibonacci projection. Firm support lies at $2615.0, the 20-day EMA.

  • WTI Crude down $1.5 or -1.94% at $75.57
  • Natural Gas up $0.01 or +0.51% at $2.76
  • Gold spot down $4.62 or -0.17% at $2638.58
  • Copper down $13.4 or -2.93% at $443.2
  • Silver down $0.5 or -1.59% at $31.191
  • Platinum down $11.29 or -1.16% at $965.89