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Recent WTI Futures Gains Corrective, Trend Conditions Still Bearish

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Trend conditions in WTI futures remain bearish and recent gains are considered corrective. Monday’s move lower resulted in a break of the bear trigger at $74.96, Sep 28 low. This confirms a resumption of the downtrend and has opened $73.38, a Fibonacci projection and the $70.00 psychological handle. Initial resistance is at $79.90, last Friday’s high. Short-term trend conditions in Gold remain bullish. The yellow metal recently breached $1729.5, the Oct 4 high. This has strengthened a bullish theme and signals scope for $1800.0 and a key resistance at $1807.9, the Aug 10 high. Moving average studies are in a bull mode position. The bull trigger is at $1786.5, the Nov 15 high. Initial firm support is seen at $1702.3, the Nov 9 low. First support to watch is at the 20-day EMA that intersects at $1732.2.


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Trend conditions in WTI futures remain bearish and recent gains are considered corrective. Monday’s move lower resulted in a break of the bear trigger at $74.96, Sep 28 low. This confirms a resumption of the downtrend and has opened $73.38, a Fibonacci projection and the $70.00 psychological handle. Initial resistance is at $79.90, last Friday’s high. Short-term trend conditions in Gold remain bullish. The yellow metal recently breached $1729.5, the Oct 4 high. This has strengthened a bullish theme and signals scope for $1800.0 and a key resistance at $1807.9, the Aug 10 high. Moving average studies are in a bull mode position. The bull trigger is at $1786.5, the Nov 15 high. Initial firm support is seen at $1702.3, the Nov 9 low. First support to watch is at the 20-day EMA that intersects at $1732.2.


Keep reading...Show less