Trend in WTI Futures Remains Bearish Despite Latest Bounce

Bearish conditions in WTI futures remain intact and the recent bounce appears to be a correction. Last week’s fresh trend low reinforces a bearish theme and the break of $69.08, Dec 7 low, confirms a resumption of the downtrend. This maintains the price sequence of lower lows and lower highs and note that moving average studies are in a bear-mode position. The focus is on $67.07, the Jun 23 low. Resistance to watch is $76.23, the 50-day EMA. Gold traded sharply higher last Wednesday. This signals a S/T reversal and the end of the recent Dec 4 - 13 corrective pullback. Moving average studies remain in a bull-mode position, highlighting an uptrend. A continuation higher would signal scope for a climb toward key resistance and the Dec 4 all-time high of $2135.4. A break of this level would confirm a resumption of the primary bull trend. Initial firm support lies at $1973.2, the Dec 13 low.

• WTI Crude down $0.31 or -0.43% at $72.12
• Natural Gas down $0.04 or -1.64% at $2.464
• Gold spot down $1.03 or -0.05% at $2026.37
• Copper up $4.05 or +1.05% at $389
• Silver up $0.13 or +0.55% at $23.9393
• Platinum down $4.79 or -0.5% at $946.01