WTI Futures Posts Only Modest Rebound from Intraday Lows

WTI futures remain bearish and have traded in a volatile manner today - the contract has recovered from its intraday low of $63.64. The print below $64.58, the Mar 20 low and a key support, reinforces a bearish theme. A clear break of this level would confirm a resumption of the broader downtrend. The short-term trend condition is oversold and gains would be considered corrective. Initial resistance is at $71.79, yesterday’s high. Gold traded higher Wednesday to cancel any short-term bearish threat. Instead, the yellow metal traded through resistance at $2048.7, the Apr 13 high and confirmed a resumption of the broader uptrend. This maintains the bullish price sequence of higher highs and higher lows and moving average studies remain in a bull-mode set-up. The focus is on $2070.4, the Mar 8 ahead of the all-time high at $2075.5. Key support is 1969.3, the Apr 19 low.

• WTI Crude up $0.77 or +1.12% at $69.23
• Natural Gas up $0.01 or +0.32% at $2.171
• Gold spot down $4.46 or -0.22% at $2034.83
• Copper up $2.7 or +0.7% at $387.8
• Silver down $0.05 or -0.18% at $25.5508
• Platinum down $7.61 or -0.72% at $1047.56