Free Trial

COMMODITIES: WTI Futures Erase This Week's Earlier Gains, Back Below 50-Day EMA

COMMODITIES

WTI futures have pulled back from Tuesday high and price is again trading below the 50-day EMA - at $72.17. Attention is on $70.43, the Feb 6 low. A clear break of this support would undermine a bullish theme and confirm a clear breach of the 50-day EMA. This would strengthen a bearish threat and open $68.05, the Dec 20 ‘24 low. Key short-term resistance has been defined at $75.18. A move above this level is required to reinstate a bull theme. A bull cycle in Gold remains in play and the yellow metal is trading closer to its recent highs. Recent gains once again confirm a resumption of the uptrend and maintain the bullish price sequence of higher highs and higher lows. Moving average studies are in a bull mode position too, highlighting a dominant uptrend. Sights are on the $2962.2, a Fibonacci projection. The first key support to watch is $2809.2, the 20-day EMA.

  • WTI Crude down $0.71 or -0.99% at $70.65
  • Natural Gas up $0.09 or +2.61% at $3.66
  • Gold spot up $11.26 or +0.39% at $2916.01
  • Copper down $0 or 0% at $470.4
  • Silver up $0.04 or +0.13% at $32.29
  • Platinum up $7.02 or +0.7% at $1003.17
195 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

WTI futures have pulled back from Tuesday high and price is again trading below the 50-day EMA - at $72.17. Attention is on $70.43, the Feb 6 low. A clear break of this support would undermine a bullish theme and confirm a clear breach of the 50-day EMA. This would strengthen a bearish threat and open $68.05, the Dec 20 ‘24 low. Key short-term resistance has been defined at $75.18. A move above this level is required to reinstate a bull theme. A bull cycle in Gold remains in play and the yellow metal is trading closer to its recent highs. Recent gains once again confirm a resumption of the uptrend and maintain the bullish price sequence of higher highs and higher lows. Moving average studies are in a bull mode position too, highlighting a dominant uptrend. Sights are on the $2962.2, a Fibonacci projection. The first key support to watch is $2809.2, the 20-day EMA.

  • WTI Crude down $0.71 or -0.99% at $70.65
  • Natural Gas up $0.09 or +2.61% at $3.66
  • Gold spot up $11.26 or +0.39% at $2916.01
  • Copper down $0 or 0% at $470.4
  • Silver up $0.04 or +0.13% at $32.29
  • Platinum up $7.02 or +0.7% at $1003.17