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Oil Bounces Alongside Stocks

COMMODITIES
  • Both WTI and Brent crude futures trade in positive territory early Tuesday, bouncing alongside global stock markets after the rout on Monday. This puts WTI just below the $70/bbl level ahead of the open - just shy of Friday's close.
  • The move lower this week has resulted in a breach of support at $69.21 and this paves the way for a move towards $65.45, the Dec 3 low and more importantly towards the key support at $62.26, the Dec 2 low. Clearance of the latter level would reinforce the current bearish threat.
  • Gold traded higher last week, extending the recovery from $1753.7, the Dec 15 low. The yellow metal last week attempted to clear the base of its bull channel drawn from the Aug 9 low and it appears the move lower has been a false break. Resistance at $1794.5, Dec 1 high has been cleared and attention is on $1815.6, the Nov 26 high.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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