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WTI Future Gains Considered Technically Corrective

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WTI futures remain vulnerable and recent short-term gains are considered corrective. The contract traded to a fresh low Monday. Last week’s sell-off resulted in the break of key support at $71.10, the Dec 9 low. The break lower confirms a resumption of the medium-term downtrend. Note too that price has also cleared the psychological $70.00 handle. Attention is on $62.43, the Dec 2 2021 low. Initial resistance is at $69.83, last Friday’s high. A strong rally in Gold last week saw the yellow metal trade to a fresh YTD high of $1989.4. This confirmed a resumption of the uptrend that started in late September 2022. Monday’s gains resulted in a print above the psychological $2000 handle and this further strengthens bullish conditions and opens $2034.0 next, a Fibonacci projection. The latest pullback is considered corrective, last Friday’s low of $1918.3 marks firm support.


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WTI futures remain vulnerable and recent short-term gains are considered corrective. The contract traded to a fresh low Monday. Last week’s sell-off resulted in the break of key support at $71.10, the Dec 9 low. The break lower confirms a resumption of the medium-term downtrend. Note too that price has also cleared the psychological $70.00 handle. Attention is on $62.43, the Dec 2 2021 low. Initial resistance is at $69.83, last Friday’s high. A strong rally in Gold last week saw the yellow metal trade to a fresh YTD high of $1989.4. This confirmed a resumption of the uptrend that started in late September 2022. Monday’s gains resulted in a print above the psychological $2000 handle and this further strengthens bullish conditions and opens $2034.0 next, a Fibonacci projection. The latest pullback is considered corrective, last Friday’s low of $1918.3 marks firm support.


Keep reading...Show less