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Oil Prices Moderate, But Bull Trend Intact For Now

COMMODITIES
  • WTI and Brent crude futures are in minor negative territory early Wednesday, with prices moderating off the week's best levels. Concerns that sanctions pressure would hit Russian energy output were largely misplaced, with Western measures targeting individuals and smaller financial institutions for now.
  • Despite the weakness of Tuesday's high, WTI futures remain in an uptrend having cleared resistance at $93.83, the Feb 14 high. This confirms a resumption of the uptrend and opens $95.38 next, 2.764 projection of the Dec 2 - 9 - 20 price swing.
  • Gold bulls have paused for breath. The trend remains up following the recent strong impulsive rally. The focus is on $1916.6, the Jun 1 2021 high and a key bull trigger. Note that the top of the bull channel drawn from the Aug 9 2021 low intersects at $1937.5.
Energy BulletsCommodities
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