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COMMODITIES: Tuesday's Sell-Off Reinforces Bearish Theme for WTI Futures

COMMODITIES
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WTI futures remain in a bearish condition. Tuesday’s strong sell-off reinforces current conditions and confirms an extension of the bear cycle. This also maintains the price sequence of lower lows and lower highs. A continuation lower would open $63.93 next, a Fibonacci projection point, ahead of the psychological $60.00 handle. Short-term gains would be considered corrective. Firm resistance is at $72.01, the 20-day EMA. Gold continues to trade inside a range but remains closer to its recent highs. The trend condition is unchanged and the primary direction remains up. Note too that moving average studies are in a bull-mode set-up, highlighting a dominant uptrend. Sights are on $2536.4 next, a Fibonacci projection. The 20-day EMA has recently been pierced. The next firm support to watch is $2451.0, the 50-day EMA. Short-term weakness is considered corrective.

  • WTI Crude up $1.14 or +1.73% at $66.89
  • Natural Gas up $0.01 or +0.45% at $2.243
  • Gold spot up $8.39 or +0.33% at $2525.24
  • Copper up $4.5 or +1.1% at $414.4
  • Silver up $0.39 or +1.36% at $28.7943
  • Platinum down $1.18 or -0.13% at $942.09
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WTI futures remain in a bearish condition. Tuesday’s strong sell-off reinforces current conditions and confirms an extension of the bear cycle. This also maintains the price sequence of lower lows and lower highs. A continuation lower would open $63.93 next, a Fibonacci projection point, ahead of the psychological $60.00 handle. Short-term gains would be considered corrective. Firm resistance is at $72.01, the 20-day EMA. Gold continues to trade inside a range but remains closer to its recent highs. The trend condition is unchanged and the primary direction remains up. Note too that moving average studies are in a bull-mode set-up, highlighting a dominant uptrend. Sights are on $2536.4 next, a Fibonacci projection. The 20-day EMA has recently been pierced. The next firm support to watch is $2451.0, the 50-day EMA. Short-term weakness is considered corrective.

  • WTI Crude up $1.14 or +1.73% at $66.89
  • Natural Gas up $0.01 or +0.45% at $2.243
  • Gold spot up $8.39 or +0.33% at $2525.24
  • Copper up $4.5 or +1.1% at $414.4
  • Silver up $0.39 or +1.36% at $28.7943
  • Platinum down $1.18 or -0.13% at $942.09