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WTI Futures Trade Below Support at 50-Day EMA

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WTI futures traded sharply lower yesterday. This week’s bearish price action has resulted in a break of support at $88.19, the Sep 26 low. The contract has also pierced support at the 50-day EMA, at $84.55. A clear break of the average would signal scope for a deeper retracement and open $83.22, a Fibonacci retracement point. Clearance of this level would expose the $80.00 handle. Initial firm resistance is at $88.28, the 20-day EMA. A bearish theme in Gold remains intact and the metal is trading just above this week’s low. The recent sell-off resulted in a break of support at $1901.1 and this was followed by a breach of $1884.9, the Aug 21 low. This confirmed a resumption of the downtrend that started early May. The focus is on $1804.9, the Feb 28 low and a key support. On the upside, firm resistance is at $1884.3, the 20-day EMA.


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WTI futures traded sharply lower yesterday. This week’s bearish price action has resulted in a break of support at $88.19, the Sep 26 low. The contract has also pierced support at the 50-day EMA, at $84.55. A clear break of the average would signal scope for a deeper retracement and open $83.22, a Fibonacci retracement point. Clearance of this level would expose the $80.00 handle. Initial firm resistance is at $88.28, the 20-day EMA. A bearish theme in Gold remains intact and the metal is trading just above this week’s low. The recent sell-off resulted in a break of support at $1901.1 and this was followed by a breach of $1884.9, the Aug 21 low. This confirmed a resumption of the downtrend that started early May. The focus is on $1804.9, the Feb 28 low and a key support. On the upside, firm resistance is at $1884.3, the 20-day EMA.


Keep reading...Show less