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Recent Gains in WTI Futures Considered Technically Corrective

COMMODITIES

A short-term bearish theme in WTI futures remains present and the latest gains are still considered corrective. Trend signals point south - moving average studies continue to highlight a downtrend. A resumption of weakness and a break of $69.39, the May 15 low, would strengthen near-term bearish conditions. On the upside, resistance is seen at $74.41, the 50-day EMA. A clear break of this level would alter the picture. Gold remains in a bearish cycle and is trading closer to its recent lows. The yellow metal last week cleared support at $1976.1, the 50-day EMA and $1969.3, the Apr 19 low. The clear break of this support zone highlights a stronger bearish threat and opens $1934.3, the Mar 22 low and $1929.1, trendline support drawn from Nov 3 2022. Key resistance and the bull trigger is at $2063.0, May 4 high. Initial firm resistance is $2022.6, the May 12 high.


  • WTI Crude up $1 or +1.37% at $73.92
  • Natural Gas up $0.02 or +0.73% at $2.338
  • Gold spot up $1.04 or +0.05% at $1976.77
  • Copper down $5.2 or -1.42% at $360.3
  • Silver down $0 or 0% at $23.444
  • Platinum down $7.74 or -0.73% at $1047.81
Energy BulletsCommodities
Energy BulletsCommodities

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