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WTI Futures Extend Pullback from Oct 20 High Wednesday

COMMODITIES

WTI futures traded lower again Wednesday as the pullback from $89.85, the Oct 20 high, extends. The medium-term trend condition is bullish and the recent move lower still appears to be a correction. A resumption of gains would expose the bull trigger at $92.48, the Sep 28 high. Clearance of this hurdle would confirm a resumption of the medium-term uptrend. For bears, a move through $80.20, the Oct 6 low, would instead highlight a short-term top. The Gold trend condition is unchanged - the uptrend remains intact and a short-term pullback is considered corrective. Price has recently breached key resistance at $1953.0, the Sep 1 high, and $1987.5, the Jul 20 high. The continuation higher strengthens a bullish theme and opens $2022.20 next, the May 15 high. Initial firm pivot support lies at $1928.9, the 50-day EMA. Clearance of this level is required to signal a short-term top.


  • WTI Crude up $1.14 or +1.42% at $81.57
  • Natural Gas down $0.04 or -1.14% at $3.452
  • Gold spot up $4.39 or +0.22% at $1986.79
  • Copper up $3.15 or +0.86% at $368.25
  • Silver up $0.08 or +0.34% at $23.0247
  • Platinum up $7.84 or +0.85% at $935.25
Energy BulletsCommodities
Energy BulletsCommodities

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