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WTI Futures Reach Lowest Level Since July as Bearish Theme Strengthens

COMMODITIES

A bearish theme in WTI futures remains in play and the contract traded lower again yesterday. This week’s move down has resulted in a break of support at $80.20, the Oct 6 low. The breach highlights a stronger short-term reversal and a continuation lower would pave the way for a move towards $74.26, a Fibonacci retracement. On the upside, initial firm resistance has been defined at $83.60. The uptrend in Gold remains intact and the latest pullback appears to be a correction. Price has recently breached key resistance at $1953.0, the Sep 1 high, and $1987.5, the Jul 20 high. The continuation higher strengthens a bullish theme and opens $2022.20 next, May 15 high. Initial firm pivot support lies at $1936.6, the 50-day EMA. Clearance of this level is required to signal a short-term top.


  • WTI Crude up $0.01 or +0.01% at $77.35
  • Natural Gas up $0.01 or +0.35% at $3.143
  • Gold spot down $3.08 or -0.16% at $1966.37
  • Copper up $0.55 or +0.15% at $368.5
  • Silver down $0.14 or -0.61% at $22.4953
  • Platinum down $11.09 or -1.24% at $884.13
Energy BulletsCommodities
Energy BulletsCommodities

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