WTI Futures Technically Bearish Despite Monday's Slight Uptick

WTI futures traded lower last week and the outlook remains bearish despite yesterday’s gains. Last week’s move lower resulted in a break of $79.04, the Apr 3 low and the gap high on the daily chart. The continuation lower has seen price breach the 20- and 50-day EMAs, exposing $75.83, the Mar 31 high and a gap low on the daily chart. Key short-term resistance has been defined at $83.38, the Apr 12 high. A break would resume the recent uptrend. Broader trend conditions in Gold remain bullish, however, the yellow metal has entered a short-term corrective cycle and is trading below recent highs. Price has traded below support at $1987.1, the 20-day EMA, highlighting potential for a deeper retracement. This has opened $1949.7, Apr 3 low. Key short-term resistance has been defined at $2048.7, the Apr 5 high. A break of this level would confirm a resumption of the uptrend.

• WTI Crude up $0.27 or +0.34% at $79.03
• Natural Gas down $0.05 or -2.38% at $2.22
• Gold spot up $0.13 or +0.01% at $1988.64
• Copper down $4.95 or -1.25% at $391.5
• Silver down $0.14 or -0.55% at $25.0149
• Platinum down $7.88 or -0.72% at $1081.95