WTI Futures Technically Bearish Despite Recent Move Higher

WTI futures remain in a bear mode condition, however, a corrective cycle remains in play and the contract has breached resistance at $72.72, the Jun 21 high, This strengthens a short-term bullish condition and a continuation would expose key resistance at $75.70, the Jun 5 high. A break of this level would highlight an important bullish break. On the downside, key short-term support is at $66.96, the Jun 12 low. Gold is consolidating. The trend condition is unchanged and remains bearish. Recent fresh lows reinforce bearish conditions, confirming a resumption of the downtrend and extending the price sequence of lower lows and lower highs. Moving average studies are in a bear mode position highlighting current sentiment. The focus is on $1885.8, the Mar 15 low. Key resistance is $1985.3, the May 24 high. Initial resistance is $1945.1, the 50-day EMA.

• WTI Crude down $0.54 or -0.73% at $73.36
• Natural Gas up $0.08 or +2.94% at $2.659
• Gold spot down $0.47 or -0.02% at $1924.69
• Copper down $2.2 or -0.58% at $375.95
• Silver up $0 or +0.02% at $23.091
• Platinum down $0.08 or -0.01% at $914.33