WTI Futures Narrow Gap to Support at $67.98, the Dec 13 Low

Bearish conditions in WTI futures remain intact and recent gains look to have been confirmed as corrective. Resistance to watch is $75.64, the 50-day EMA. The average was briefly pierced last week. A clear break of it would strengthen a bullish theme and highlight a stronger reversal. For bears, moving average studies are in a bear-mode position, highlighting a downtrend. The trigger for a resumption of the downtrend lies at $67.98, the Dec 13 low. The Dec 13 reversal in Gold and the subsequent move higher points to the end of the Dec 4 - 13 corrective pullback. Last week’s move also highlights a bullish theme and note that moving average studies are in a bull-mode position too, reflecting an uptrend. A continuation higher has opened $2097.1, 76.4% of the Dec 4 - 13 bear leg, ahead of key resistance and the Dec 4 all-time high of $2135.4. Key support lies at $1973.2, the Dec 13 low.

• WTI Crude down $0.73 or -1.04% at $69.5
• Natural Gas down $0.01 or -0.23% at $2.562
• Gold spot down $1.3 or -0.06% at $2057.77
• Copper down $3.35 or -0.86% at $384.65
• Silver down $0.23 or -0.98% at $23.4415
• Platinum down $7.88 or -0.8% at $978.94