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WTI Plumbs New Cycle High, Tops Fib Projection

COMMODITIES
  • WTI crude futures traded to a fresh trend high Monday, with prices showing above $85/bbl for the first time since late 2014 and keeping the sequence of higher highs and higher lows intact. This reinforces the uptrend, with $85.01, a Fibonacci projection also giving way.
  • Oil remains bullish alongside broader risk assets, with equities continuing to grind higher and plumbing a fresh record level. WTI and Brent reversed gains into the close, but the underlying bullish trend is clearly still in charge.
  • Gold traded sharply higher Friday before finding resistance. The yellow metal probed resistance at $1800.6, Oct 14 high and this highlights a short-term bullish theme and removes recent bearish concerns. Further gains would open $1834.0, the Sep 3 high.
Energy BulletsCommodities
Energy BulletsCommodities

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