Recent Gains in WTI Futures Considered Technically Corrective

WTI futures remain in a bear mode condition and recent gains appear to be a correction. The contract is trading below resistance at $75.70, the Jun 5 high. Clearance of this level would signal a reversal. Initial resistance is $72.72, the Jun 21 high. Support at $67.21, the May 31 low, was pierced last week, a clear break of this level would open $64.41, the May 4 low. Moving average studies are in a bear mode position highlighting a downtrend. Trend conditions in Gold remain bearish and gains are considered corrective. Fresh trend lows last week reinforce bearish conditions, confirming a resumption of the downtrend and extending the price sequence of lower lows and lower highs. MA studies are in a bear mode position highlighting current sentiment. The focus is on $1885.8, Mar 15 low. Key resistance is $1985.3, May 24 high. Initial resistance is $1933.9, the 20-day EMA.

• WTI Crude up $0.82 or +1.18% at $70.65
• Natural Gas up $0.07 or +2.58% at $2.779
• Gold spot up $1.77 or +0.09% at $1927.34
• Copper down $5 or -1.32% at $374.3
• Silver down $0.12 or -0.53% at $22.8473
• Platinum down $1.61 or -0.18% at $918.23