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WTI Futures Trade Close to This Week's Highs, Exposing 74.96 50-Day EMA

COMMODITIES

WTI futures continue to trade closer to this week’s highs. Price has breached resistance at the 20-day EMA which intersects at $72.64. The break is a short-term bullish development and a continuation higher would expose the 50-day EMA, at $74.96. This average represents the next key resistance point. On the downside, initial firm support lies at $66.82, the Mar 24 low. A break of this level would be bearish. Trend conditions in Gold remain bullish and the recent short-term pullback is considered corrective. Note too that price action since Mar 20 appears to be a pennant - a continuation pattern. This reinforces bullish conditions and signals scope for an extension higher near-term. The recent test above $2000.0 opens $2034.0 next, a Fibonacci projection. $1918.3 marks a firm support, the Mar 17 low - a break would signal scope for a deeper pullback.


  • WTI Crude up $0.64 or +0.88% at $73.6
  • Natural Gas down $0.06 or -2.79% at $2.123
  • Gold spot up $1.77 or +0.09% at $1966.39
  • Copper up $3.05 or +0.75% at $411.65
  • Silver up $0.26 or +1.12% at $23.5935
  • Platinum up $0.93 or +0.1% at $971.8

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