Gains in WTI Futures Continue to Look Corrective, Price Below 50-Day EMA

Bearish conditions in WTI futures remain intact and recent gains at these levels continue to look corrective. Resistance to watch is $75.64, the 50-day EMA. The average was briefly pierced last week. A clear break of it would strengthen a bullish theme and highlight a stronger reversal. For bears, moving average studies are in a bear-mode position, highlighting a downtrend. The trigger for a resumption of the downtrend lies at $67.98, the Dec 13 low. The Dec 13 reversal in Gold and the subsequent move higher points to the end of the Dec 4 - 13 corrective pullback. Last week’s move also highlights a bullish theme and note that moving average studies are in a bull-mode position too, reflecting an uptrend. A continuation higher has opened $2097.1, 76.4% of the Dec 4 - 13 bear leg, ahead of key resistance and the Dec 4 all-time high of $2135.4. Key support lies at $1973.2, the Dec 13 low.

• WTI Crude up $0.85 or +1.18% at $73.01
• Natural Gas down $0.03 or -1.06% at $2.789
• Gold spot down $2.13 or -0.1% at $2041.81
• Copper down $1.35 or -0.35% at $383.05
• Silver down $0.02 or -0.08% at $23.0035
• Platinum down $7.44 or -0.78% at $951.68