Free Trial

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

To read the full story



MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.