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WTI Futures Pierce $81.04 Resistance Level At Week's Start

COMMODITIES

WTI futures remain in a bull cycle and today’s gap higher at the open, strengthens this current condition. The contract has touched a high of $81.69, just above resistance at $81.04, the Mar 7 high. A clear break of $81.04 would signal scope for a continuation higher and open $83.04, the Jan 23 high. Key support is seen at $75.72, the Mar 31 high and the gap low on the daily chart. Trend conditions in Gold remain bullish and the recent short-term pullback is considered corrective. Note that price action since Mar 20 appears to be a pennant - a continuation pattern. This reinforces bullish conditions and signals scope for an extension higher near-term. The recent test above $2000.0 opens $2034.0 next, a Fibonacci projection. $1918.3 marks a firm support, the Mar 17 low - a break would signal scope for a deeper pullback.


  • WTI Crude up $4.05 or +5.35% at $79.83
  • Natural Gas down $0.15 or -6.86% at $2.065
  • Gold spot down $9.29 or -0.47% at $1959.06
  • Copper down $3.45 or -0.84% at $406.35
  • Silver down $0.34 or -1.43% at $23.7453
  • Platinum down $6.12 or -0.61% at $988.42
Energy BulletsCommodities
Energy BulletsCommodities

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