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Crude Rolls Off Week's Highs, Remains Bullish

COMMODITIES
  • WTI and Brent crude futures both trade in minor negative territory, with profit-taking and the post-Fed USD rally largely responsible.
  • Gold has erased the Fed-induced dip, with concerns surrounding China's Evergrande group the primary driver. WSJ sources cited the Chinese authorities as prepping local governments for a collapse of the group, raising concerns of a sizeable corporate default in China.
  • Nonetheless, the bearish risk is still present. The move yesterday resulted in a break of support at $1774.5, Aug 19 low and a test of $1745.4, 61.8% retracement of the Aug 9 - Sep 3 rally. The retracement remains exposed and recent S/T gains are considered corrective. A resumption of weakness would open the key support at $1690.6 further out, Aug 9 low. Initial firm resistance has been defined at $1808.7, Sep 14 high. A break would ease bearish pressure.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities

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