WTI Futures Trading Just Above Recent Lows

WTI futures traded lower last week and the contract is currently trading just above its recent lows. Price has breached key support at the 50-day EMA, at $81.05. The clear breach of this average strengthens a short-term bearish theme and highlights scope for a deeper correction. This has opened $76.07, the Mar 11 low. Key resistance and the bull trigger has been defined at $86.97, the Apr 12 high. Initial firm resistance is at $84.46, the Apr 26 high. Gold is in consolidation mode. A bearish condition remains intact. The precious metal has recently traded through the 20-day EMA and this highlights a corrective cycle. A continuation lower would signal scope for an extension towards $2250.3, the 50-day EMA. Note that a short-term bear cycle is allowing a significant overbought condition to unwind. Key resistance and the bull trigger is at $2431.5, the recent Apr 12 high.

• WTI Crude up $0.22 or +0.28% at $78.73
• Natural Gas down $0.04 or -1.96% at $2.154
• Gold spot down $8.92 or -0.38% at $2315.61
• Copper down $2.5 or -0.54% at $459.05
• Silver down $0.21 or -0.76% at $27.2405
• Platinum down $3.41 or -0.36% at $956.04