COMMODITIES: Bull Cycle in WTI Futures Intact, Focus on 20-Day EMA Support

A bull cycle in WTI futures remains intact. However, the reversal from the Jan 29 high continues to highlight a corrective cycle. Attention is on support at the 20-day EMA, at $61.93. The 50-day EMA lies at $60.34. A clear breach of the 50-day average would highlight a stronger reversal and open $58.53, the Jan 20 low. Key resistance and the bull trigger has been defined at $66.48, the Jan 30 high. The latest bounce in Gold highlights a retracement of the Jan 29 - Feb 2 sell-off. The next two resistance points to monitor are $5139.9 and $5314.0, Fibonacci retracement levels. Note that the sharp sell-off from the Jan 29 high highlights a potential top in the L/T trend and from a S/T perspective, an unwinding of the recent extreme overbought condition. A resumption of bearish activity would refocus attention on $4403.0, the Feb 2 low.

• WTI Crude down $0.18 or -0.28% at $63.37
• Natural Gas down $0.24 or -7.07% at $3.178
• Gold spot up $25.5 or +0.51% at $4990.4
• Copper down $0.25 or -0.04% at $588
• Silver up $1.83 or +2.34% at $79.696
• Platinum down $45.75 or -2.18% at $2057.19