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Oil Retains Upside Pressure, Eyes Cycle Highs

COMMODITIES
  • Energy markets traded well Tuesday, with WTI and Brent crude futures narrowing in on the Monday highs ahead of the close. This leaves first resistance for WTI futures unchanged at $70.00/bbl ahead of the 2018 highs of $76.90/bbl over the medium-term. Brent is set up similarly, with Monday's cycle high of $72.27/bbl the initial upside target.
  • Macro drivers were few and far between Tuesday, with focus remaining on the prospect of a return of Iranian supply in the near-term. Reports following the Iranian presidential election speculated that Tehran's next President will take a similar stance on nuclear talks.
  • Following a series of attempts to build gains above $1900/oz throughout the session, gold failed to break higher Tuesday, keeping the outlook neutral-to-lower for now. The RSI's overbought condition has now eased, leaving markets open to a re-test of the early June highs, but this case will deteriorate on any show below the $1841.1 200-dma.
Energy BulletsCommodities
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