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WTI Trades at 2-Week Low Monday, Reinforces Bearish Theme

COMMODITIES

WTI futures traded lower again Monday. This reinstates a near-term bearish theme and highlights potential for a continuation lower. An extension would open $82.89, a Fibonacci retracement level. On the upside, a resumption of gains would instead suggest scope for a climb towards the key short-term resistance at $93.64, the Oct 10 high. Gold maintains a softer tone following the recent reversal from $1729.5, the Oct 4 high. The move lower signals the end of the bull phase between Sep 28 - Oct 4 and note that price has moved below the trendline resistance drawn from the Mar 8 high. An extension lower would expose the key support and bear trigger at $1615.0, the Sep 28 low. On the upside, a break of $1729.5 is required to reinstate a bullish theme.


  • WTI Crude up $0.52 or +0.61% at $85.84
  • Natural Gas down $0.08 or -1.4% at $5.905
  • Gold spot up $6.85 or +0.42% at $1656.84
  • Copper up $0.7 or +0.2% at $342.15
  • Silver up $0.24 or +1.31% at $18.894
  • Platinum up $8.44 or +0.92% at $925.26
Energy BulletsCommodities
Energy BulletsCommodities

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