Free Trial

WTI Futures Trading Above Key Resistance at $79.09

COMMODITIES

WTI futures traded higher last week and in the process, the contract delivered a print above key resistance at $79.09, the Jan 29 high. The clear breach of this hurdle strengthens a bullish theme and highlights potential for a continuation higher near-term, towards $81.70, a Fibonacci retracement. On the downside, support to watch is $76.06, the 50-day EMA. A break would instead signal a possible top. Gold traded sharply higher Friday, extending the recovery that started Feb 14. The climb has resulted in a break of resistance at $2065.5, the Feb 1 high. This strengthens a bullish theme and attention turns to resistance at $2088.5, the Dec 28 high. Clearance of this level would open $2097.1, a Fibonacci retracement point. Initial firm support to watch lies at $2025.8, the 50-day EMA.


  • WTI Crude down $0.14 or -0.18% at $79.81
  • Natural Gas up $0.04 or +2.34% at $1.878
  • Gold spot up $2.49 or +0.12% at $2085.32
  • Copper up $2.3 or +0.6% at $388.45
  • Silver up $0.04 or +0.16% at $23.156
  • Platinum up $7.32 or +0.82% at $894.78

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.