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Oil Regains Some Poise, Inventories Eyed

COMMODITIES
  • WTI futures remain below recent highs but still above support. The key resistance and the bull trigger is at $85.41, Oct 25 high. A break of this hurdle is required to confirm a resumption of the uptrend and resume the bullish price sequence of higher highs and higher lows. This would open $87.45, a Fibonacci projection.
  • API due after market will be watched for clues ahead of tomorrow's DoE inventories release, at which markets expected a build of around 700k barrels for the headline.
  • Gold rallied sharply higher last week and the move higher resulted in a clear break of resistance at $1834.0, Sep 3 high. The breach of this hurdle reinforces current bullish conditions and paves the way for further strength. Note too that gold has also breached $1863.3, 76.4% of the Jun - Aug sell-off.
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