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Short-Term Bounce in WTI Futures Remains in Play

COMMODITIES

The short-term bounce in WTI futures since Feb 5 remains in play but still appears to be a correction - for now. Key short-term resistance has been defined at $79.29, the Jan 29 high. Clearance of this level would be a bullish development. On the downside, support to watch lies at $71.41, the Feb 5 low. A break of this level would reinstate the recent bearish theme and pave the way for a move towards $69.56, the Jan 3 low. Gold traded lower Tuesday and in the process, this resulted in a break of $2001.9, the Jan 17 low and a key short-term support. The break highlights a resumption of the bear leg that started Dec 28. A continuation lower would open $1973.2, the Dec 13 low and the next key support. On the upside, the yellow metal needs to clear resistance at $2065.5, the Feb 1 high to reinstate a bullish theme.


  • WTI Crude down $0.08 or -0.1% at $77.76
  • Natural Gas down $0.02 or -1.01% at $1.668
  • Gold spot down $2.54 or -0.13% at $1990.16
  • Copper down $0 or 0% at $370.9
  • Silver down $0.11 or -0.49% at $22.022
  • Platinum up $7.06 or +0.81% at $881.28
Energy BulletsCommodities
Energy BulletsCommodities

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