Further WTI Future Weakness Threatens to Expose 70.31 Bear Trigger

WTI Futures price action since the turn of year has worked against the bullish short-term trend condition. Key short-term support at $76.79, the Dec 29 low, has given way - and further weakness here would confirm a near-term top. Recent bullish price action has waned, with further weakness looking more likely. The Dec 9 low remains key at 70.31 and marks the bear trigger for more extended weakness. Key resistance looks far off at $83.27, the Dec 1 high. Trend conditions in Gold remain bullish and the yellow metal has started the year on a firm note, clearing resistance and resuming its uptrend. The break higher signals scope for gains towards $1875.1 next, the 3.0% 10-dma envelope as well as $1896.5, the 61.8% retracement of the Mar - Sep bear leg. Moving average studies are in a bull mode position, highlighting current sentiment. Initial firm support is seen at $1795.00, the 20-day EMA.

• WTI Crude up $0.89 or +1.22% at $73.44
• Natural Gas down $0.06 or -1.49% at $4.118
• Gold spot down $8.5 or -0.46% at $1845.13
• Copper up $0.2 or +0.05% at $373.35
• Silver down $0.36 or -1.5% at $23.2844
• Platinum down $6.52 or -0.6% at $1073.28