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COMMODITIES: WTI Futures Moving Average Studies Remain in Bull-Mode Position

COMMODITIES
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WTI futures have recovered from their recent lows. This highlights the fact that the 50-day EMA - at $72.21 - despite being pierced, has provided firm support. Moving average studies remain in a bull mode condition highlighting a dominant uptrend. The latest recovery also signals a stronger reversal of the Jan 15 - Feb 6 bear leg. Sights are on $75.18, the Feb 3 high. Key short-term support and the bear trigger lies at $70.43, the Feb 6 low. A bull cycle in Gold remains in play and the yellow metal is trading closer to its recent highs. The continued appreciation once again confirms a resumption of the uptrend and maintains 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 $2779.3, the 20-day EMA.

  • WTI Crude down $0.7 or -0.95% at $72.59
  • Natural Gas down $0.02 or -0.68% at $3.495
  • Gold spot down $9.85 or -0.34% at $2888.16
  • Copper down $0.5 or -0.11% at $459.75
  • Silver down $0.06 or -0.2% at $31.7491
  • Platinum down $3.58 or -0.36% at $985.23
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WTI futures have recovered from their recent lows. This highlights the fact that the 50-day EMA - at $72.21 - despite being pierced, has provided firm support. Moving average studies remain in a bull mode condition highlighting a dominant uptrend. The latest recovery also signals a stronger reversal of the Jan 15 - Feb 6 bear leg. Sights are on $75.18, the Feb 3 high. Key short-term support and the bear trigger lies at $70.43, the Feb 6 low. A bull cycle in Gold remains in play and the yellow metal is trading closer to its recent highs. The continued appreciation once again confirms a resumption of the uptrend and maintains 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 $2779.3, the 20-day EMA.

  • WTI Crude down $0.7 or -0.95% at $72.59
  • Natural Gas down $0.02 or -0.68% at $3.495
  • Gold spot down $9.85 or -0.34% at $2888.16
  • Copper down $0.5 or -0.11% at $459.75
  • Silver down $0.06 or -0.2% at $31.7491
  • Platinum down $3.58 or -0.36% at $985.23