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WTI Futures Theme Still Bearish Despite Moderate This Week


A bearish theme in WTI futures remains in play following last week’s sharp sell-off. The recent move down has resulted in a break of support at $80.20, the Oct 6 low. The breach highlights a stronger reversal and a continuation lower would pave the way for a move towards $74.26, the 76.4% retracement of the May 4 - Sep 28 bull run. On the upside, initial firm resistance has been defined at $83.60. Short-term gains are considered corrective. The latest pullback in Gold appears to be a correction - for now - and the trend condition remains bullish. MA studies are in a bull-mode set-up, highlighting a rising trend. A resumption of gains would open $2022.20, the May 15 high. The bull trigger is at $2009.4, the Oct 27 high. Note that support at the 50-day EMA, at $1938.4, has been pierced. A clear break of this average would undermine the bullish theme and expose $1908.3, Oct 16 low.

  • WTI Crude up $0.1 or +0.13% at $78.34
  • Natural Gas down $0 or -0.13% at $3.193
  • Gold spot down $0.05 or 0% at $1947.27
  • Copper up $0.85 or +0.23% at $367.25
  • Silver up $0.12 or +0.56% at $22.4609
  • Platinum up $5.58 or +0.64% at $874.16

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