Fourth Session of Lower Lows for WTI
The latest pullback in WTI futures undermines the recent bullish theme and suggests scope for a continuation lower near-term. A bearish shooting star candle Monday was followed by a bearish engulfing candle formation on Tuesday. These patterns highlight a short-term reversal. A continuation lower would open $81.30, the Oct 18 low. On the upside, key short-term resistance has been defined at $93.74, the Nov 7 high. Gold found support Tuesday and is holding on to this week’s gains. This week’s rally confirms an extension of the bounce from $1616.7, the Nov 3 low. The yellow metal is trading above both the 20- and 50-day EMAs and attention turns to resistance at $1729.5, the Oct 4 high and a bull trigger. A break of this hurdle would strengthen bullish conditions. On the downside, support is at $1667.0, the 20-day EMA.
- WTI Crude down $0.33 or -0.38% at $85.56
- Natural Gas down $0.05 or -0.85% at $5.834
- Gold spot up $0.74 or +0.04% at $1707.83
- Copper down $2.25 or -0.61% at $368
- Silver up $0.02 or +0.08% at $21.0807
- Platinum up $2.1 or +0.21% at $992.35