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Uptrend in WTI Futures Remains Intact Despite Thursday Pullback

COMMODITIES

The uptrend in WTI futures remains intact and yesterday’s pullback is considered corrective. This week’s gains confirm a resumption of the bull cycle. Price has breached resistance at $83.59, the Nov 7 2022 high. The break strengthens a bullish condition and paves the way for a climb towards $87.43, a Fibonacci projection. Moving average studies are in bull-mode condition highlighting an uptrend. Initial firm support lies at $78.69, Aug 3 low. Gold remains bearish and the yellow metal traded lower yesterday, confirming an extension of the bear cycle that started Jul 20. $1924.5, the Jul 11 low, has been breached. The move lower signals potential for weakness towards the key support at $1893.1, the Jun 29 low. A break of this level would strengthen bearish conditions. Initial firm resistance to watch is $1945.9, the 50-day EMA.


  • WTI Crude up $0.13 or +0.16% at $82.91
  • Natural Gas up $0.03 or +1.01% at $2.791
  • Gold spot up $5.88 or +0.31% at $1918.42
  • Copper down $3.4 or -0.9% at $372.9
  • Silver up $0.03 or +0.14% at $22.7475
  • Platinum up $5.29 or +0.58% at $915.97
Energy BulletsCommodities
Energy BulletsCommodities

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