WTI Futures Recover From Recent Lows, Remain Above Key Short-Term Support
WTI futures have recovered from their recent lows and price remains above key short-term support at $80.85, the 50-day EMA. The recent move lower highlights a corrective phase and a break of the 50-day average would signal a stronger bearish theme and open $76.07, the Mar 11 low. On the upside, key resistance and the bull trigger has been defined at $86.97, the Apr 12 high. A break would resume the uptrend. Gold is trading closer to its recent lows. The precious metal has traded below the 20-day EMA and this signals the start of a possible corrective cycle. A continuation lower would signal scope for an extension towards $2221.5, the 50-day EMA. Note that a short-term bear cycle would allow a significant overbought trend condition to unwind. Key resistance and the bull trigger has been defined at $2431.5, the recent Apr 12 high.
- WTI Crude down $0.31 or -0.37% at $83.04
- Natural Gas down $0 or -0.17% at $1.808
- Gold spot down $5.58 or -0.24% at $2317.1
- Copper up $3.1 or +0.7% at $449.2
- Silver down $0.1 or -0.37% at $27.2077
- Platinum up $6.15 or +0.67% at $918.65