WTI Futures Trade Below Support at 50-Day EMA
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.
- WTI Crude up $0.09 or +0.11% at $84.35
- Natural Gas up $0.02 or +0.74% at $2.984
- Gold spot down $0.51 or -0.03% at $1820.69
- Copper down $1.95 or -0.54% at $357.25
- Silver up $0.1 or +0.46% at $21.109
- Platinum down $1.61 or -0.19% at $868.14