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WTI Futures Hit New Multi-Month High at $85

COMMODITIES

A bull theme in WTI futures remains intact and yesterday’s move higher reinforces current condition and confirms a resumption of the uptrend. The contract has traded through resistance at $83.87, the Oct 20 high. This signals scope for a test of $84.87 next, the Sep 15 ‘23 high. A break would open the $90.00 handle further out. On the downside, initial firm support to watch lies at $80.60, the 20-day EMA. The trend condition in Gold remains bullish and the yellow metal has traded to fresh all-time highs once again this week. The move higher maintains the price sequence of higher highs and higher lows and note that moving average studies are in a bull-mode condition, reflecting positive market sentiment. This signals scope for a climb towards $2282.6, a Fibonacci projection. Key trend support has been defined at $2146.2, the Mar 18 low.


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A bull theme in WTI futures remains intact and yesterday’s move higher reinforces current condition and confirms a resumption of the uptrend. The contract has traded through resistance at $83.87, the Oct 20 high. This signals scope for a test of $84.87 next, the Sep 15 ‘23 high. A break would open the $90.00 handle further out. On the downside, initial firm support to watch lies at $80.60, the 20-day EMA. The trend condition in Gold remains bullish and the yellow metal has traded to fresh all-time highs once again this week. The move higher maintains the price sequence of higher highs and higher lows and note that moving average studies are in a bull-mode condition, reflecting positive market sentiment. This signals scope for a climb towards $2282.6, a Fibonacci projection. Key trend support has been defined at $2146.2, the Mar 18 low.


Keep reading...Show less