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COMMODITIES: WTI Futures Recover From Monday's Lows, Conditions Still Bearish

COMMODITIES
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A bearish threat in WTI futures remains present and the Nov 25 move lower reinforces this theme. Attention is on $65.74, the Oct 1 low, and $63.90, the Sep 10 low and key support. For bulls, a stronger reversal to the upside would instead refocus attention on the key short-term resistance at $77.04, the Oct 8 high. Initial firm resistance to watch is unchanged at $72.41, the Nov 7 high. Gold is unchanged. The long-term trend condition remains bullish and the Oct 31 - Nov 14 bear leg appears to have been a correction. Moving average studies are in a bull-mode position, highlighting a dominant uptrend. Resistance to watch is $2721.4, the Nov 25 high. Clearance of this level would highlight a bullish short-term development. Key support to monitor is $2536.9, the Nov 14 low.

  • WTI Crude up $0.76 or +1.12% at $68.83
  • Natural Gas down $0.03 or -0.87% at $3.187
  • Gold spot up $6.73 or +0.26% at $2645.69
  • Copper up $5.6 or +1.36% at $418.75
  • Silver up $0.5 or +1.65% at $31.01
  • Platinum up $8.14 or +0.86% at $956.4
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A bearish threat in WTI futures remains present and the Nov 25 move lower reinforces this theme. Attention is on $65.74, the Oct 1 low, and $63.90, the Sep 10 low and key support. For bulls, a stronger reversal to the upside would instead refocus attention on the key short-term resistance at $77.04, the Oct 8 high. Initial firm resistance to watch is unchanged at $72.41, the Nov 7 high. Gold is unchanged. The long-term trend condition remains bullish and the Oct 31 - Nov 14 bear leg appears to have been a correction. Moving average studies are in a bull-mode position, highlighting a dominant uptrend. Resistance to watch is $2721.4, the Nov 25 high. Clearance of this level would highlight a bullish short-term development. Key support to monitor is $2536.9, the Nov 14 low.

  • WTI Crude up $0.76 or +1.12% at $68.83
  • Natural Gas down $0.03 or -0.87% at $3.187
  • Gold spot up $6.73 or +0.26% at $2645.69
  • Copper up $5.6 or +1.36% at $418.75
  • Silver up $0.5 or +1.65% at $31.01
  • Platinum up $8.14 or +0.86% at $956.4