Free Trial

WTI Futures Trend Bearish, Gains Considered Corrective

COMMODITIES

Trend conditions in WTI futures remain bearish and gains are considered corrective. Yesterday’s initial move lower resulted in a break of the bear trigger at $74.96, Sep 28 low. This confirms a resumption of the downtrend and has opened $73.38, a Fibonacci projection and the $70.00 psychological handle. Initial resistance is at $79.90, Friday’s high. Short-term trend conditions in Gold remain bullish and the latest pullback is considered corrective. The yellow metal recently breached $1729.5, the Oct 4 high. This has strengthened a bullish theme and signals scope for $1800.0 and a key resistance at $1807.9, the Aug 10 high. The bull trigger is at $1786.5, the Nov 15 high. Initial firm support is seen at $1702.3, the Nov 9 low. First support to watch is at the 20-day EMA that intersects at $1730.3.


  • WTI Crude up $1.22 or +1.58% at $78.46
  • Natural Gas up $0.1 or +1.39% at $7.289
  • Gold spot up $13.88 or +0.8% at $1754.78
  • Copper up $3.7 or +1.02% at $365.2
  • Silver up $0.29 or +1.4% at $21.2105
  • Platinum up $10.81 or +1.09% at $1003.28

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.