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Sharp Sell-Off in WTI Futures Thursday Reinforces Bearish Theme

COMMODITIES

WTI futures remain bearish and yesterday’s sharp sell-off reinforces this condition. Support at $67.21, May 31 low, has recently been pierced, a clear break would open $64.41, the May 4 low. Moving average studies are in a bear mode position highlighting a downtrend. The contract is trading below resistance at $75.70, the Jun 5 high. A break of this level would signal a reversal. The bear cycle in Gold remains intact and the yellow metal traded lower Thursday. Trendline support was breached last week - the line is drawn from the Nov 3 2022 low and the break reinforces a bearish condition. Furthermore, yesterday’s sell-off marks a resumption of the downtrend. The focus is on $1903.5, 61.8% of the Feb 28 - May 4 bull cycle. Key resistance is $1985.3, the May 24 high. Initial resistance is at $1951.7, the 20-day EMA.


  • WTI Crude down $1.25 or -1.8% at $68.27
  • Natural Gas down $0.03 or -1.15% at $2.578
  • Gold spot up $4.54 or +0.24% at $1918.63
  • Copper down $6.4 or -1.64% at $383.8
  • Silver up $0.09 or +0.42% at $22.3398
  • Platinum up $2.1 or +0.23% at $927.63
Energy BulletsCommodities
Energy BulletsCommodities

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