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WTI Futures Drift Lower Wednesday, Sitting Below 50-Day EMA

COMMODITIES

WTI futures drifted lower into the Wednesday close, returning the outlook to neutral for now. Prices now sit back below the 50-day EMA, at $78.34, however the medium-term view remains unchanged. Key resistance remains at $82.66, the Jan 18 high. On the downside, initial firm support has been defined at $72.25, the Feb 6 low for the continuation contract. Trend conditions in Gold are bearish for now, despite the late recovery into last Friday’s close. This follows the strong sell-off on Feb 2 / 3 as well as the break of support at the 50-day EMA early Wednesday. A clear break here would strengthen a bearish case and suggest scope for a deeper pullback. Vol band support (the 2.0% 10-dma envelope), successfully contained prices Friday, keeping the focus on the level this week.


  • WTI Crude up $0.27 or +0.37% at $74.23
  • Natural Gas up $0.02 or +0.87% at $2.202
  • Gold spot up $1.07 or +0.06% at $1827.12
  • Copper down $4.2 or -1% at $414.5
  • Silver up $0.03 or +0.16% at $21.5559
  • Platinum up $1.29 or +0.14% at $955.2

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