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Oil Holding Gains, But Off Monday Highs

COMMODITIES
  • WTI and Brent crude futures hold close to recent highs, but are off the best levels seen Monday despite a modest pullback in the US dollar. Despite the modest pullback in prices, the outlook remains positive with the futures curve still markedly steeper, with the sharpest gains noted in the front-month contracts out to end-2022.
  • WTI trend conditions remain bullish and the contract started the week on a firm note. Yesterday's gains confirm an extension of the current bullish price sequence of higher highs and higher lows, reinforcing the uptrend. Note that the $80.00 psychological hurdle has also been cleared. The focus is on $81.60, a Fibonacci projection.
  • Gold traded higher Friday but failed to hold onto gains and continues to consolidate. Near-term attention is on the 50-day EMA at $1777.0 and $1787.4, Sep 22 high and a key resistance.
  • A resumption of strength would reinforce the bullish engulfing candle that signalled a reversal on Sep 30 and a break of $1787.4 would suggest scope for further upside.
Energy BulletsCommodities
Energy BulletsCommodities

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