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WTI Futures Contract Print Fresh Feb High Monday

COMMODITIES

WTI futures showed above the Friday high ahead of the Monday close, marking an extension of the recovery from $72.25, the Feb 6 low. The rally has confirmed a break of the 50-day EMA, at $78.34, strengthening the current bull cycle and note that price has pierced $80.22, 76.4% of the Jan 18 - Feb 6 bear leg. A clear break of this level would expose the key resistance at $82.66, the Jan 18 high. On the downside, initial firm support has been defined at $76.52, the Feb 9 low. Trend conditions in Gold are bearish for now, and the yellow metal remains in a corrective cycle. This follows the strong sell-off on Feb 2 / 3 and sights are on the 50-day EMA, at $1855.5. The average represents a key support and has been pierced. A clear break would strengthen a bearish case and suggest scope for a deeper pullback - towards $1825.2, the Jan 5 low. On the upside, key resistance and the bull trigger is at $1959.7, the Feb 2 high.


  • WTI Crude down $0.82 or -1.02% at $79.28
  • Natural Gas up $0.06 or +2.37% at $2.464
  • Gold spot up $7.18 or +0.39% at $1860.25
  • Copper up $1.05 or +0.26% at $406.65
  • Silver down $0.15 or -0.7% at $21.8225
  • Platinum down $3.76 or -0.39% at $953.93
Energy BulletsCommodities
Energy BulletsCommodities

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