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COMMODITIES: WTI Futures Have Solid Turn Lower as Optimism Dissipates

COMMODITIES
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  • Despite the ongoing headlines regarding rising tensions in the middle east, WTI futures have turned sharply lower in recent trade, as bearish themes of the month take over. Oil prices had previously been holding up on the combination of China optimism and the middle east escalations, however, the most recent sell-off has likely been exacerbated by a move through the Friday’s and the late Thursday lows.
  • We have noted that the recovery since Sep 9, has appeared up to this point to be a technical correction, with moving average studies remaining in a bear-mode set-up, highlighting a dominant downtrend. A reversal lower would refocus attention on $64.61, the Sep 10 low and bear trigger.
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  • Despite the ongoing headlines regarding rising tensions in the middle east, WTI futures have turned sharply lower in recent trade, as bearish themes of the month take over. Oil prices had previously been holding up on the combination of China optimism and the middle east escalations, however, the most recent sell-off has likely been exacerbated by a move through the Friday’s and the late Thursday lows.
  • We have noted that the recovery since Sep 9, has appeared up to this point to be a technical correction, with moving average studies remaining in a bear-mode set-up, highlighting a dominant downtrend. A reversal lower would refocus attention on $64.61, the Sep 10 low and bear trigger.