Friday Rally Strengthens WTI Bull Cycle

WTI futures rallied Friday, marking an extension of the recovery from $72.25, the Feb 6 low. The rally has confirmed a break of the 50-day EMA, at $78.34, strengthening the current bull cycle and note that price has pierced $80.22, 76.4% of the Jan 18 - Feb 6 bear leg. A clear break of this level would expose the key resistance at $82.66, the Jan 18 high. On the downside, initial firm support has been defined at $76.52, the Feb 9 low. Trend conditions in Gold are bearish for now, and the yellow metal remains in a corrective cycle. This follows the strong sell-off on Feb 2 / 3 and sights are on the 50-day EMA, at $1855.5. The average represents a key support and has been pierced. A clear break would strengthen a bearish case and suggest scope for a deeper pullback - towards $1825.2, the Jan 5 low. On the upside, key resistance and the bull trigger is at $1959.7, the Feb 2 high.

• WTI Crude down $0.93 or -1.17% at $78.84
• Natural Gas up $0.03 or +1.31% at $2.547
• Gold spot down $9.36 or -0.5% at $1859.46
• Copper up $1.15 or +0.29% at $403
• Silver down $0.16 or -0.7% at $21.8911
• Platinum down $9.35 or -0.98% at $942.11