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Last Friday's Pullback Reinforces Bearish Theme in WTI Futures


Trend signals in WTI futures remain bearish and the pullback from Friday’s high reinforces this theme. Resistance to watch is $74.44, the 50-day EMA. It has been pierced, a clear break would strengthen a bullish theme and expose $76.18, the Dec 26 high. Moving average studies remain in a bear-mode position, highlighting a downtrend. The trigger for a resumption of the downtrend is $67.98, Dec 13 low. Gold is trading above last week’s low of $2013.4 (Jan 11). Price is also trading ahead of key support at $2015.2 the 50-day EMA. A breach of both support points, would expose key support at $1973.2, the Dec 13 low. For bulls, clearance of $2088.5 would reinstate the bull cycle that started Dec 13. This would open $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.

  • WTI Crude down $0.25 or -0.34% at $72.39
  • Natural Gas down $0.17 or -5.25% at $3.138
  • Gold spot up $4.85 or +0.24% at $2054.16
  • Copper up $1.65 or +0.44% at $375.7
  • Silver up $0.01 or +0.03% at $23.2055
  • Platinum up $5.72 or +0.63% at $916.96

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