COMMODITIES: Bull Cycle in WTI Futures Remains Intact
A bull cycle in WTI futures remains intact and the contract is trading closer to its recent high. Price action is likely to remain volatile near-term, and from a technical standpoint, the trend is in an extreme overbought position. A continuation higher would expose the $80.00 handle. A firm support is noted at $67.11, the Jun 13 low. A breach of this level would signal scope for a deeper retracement. A bullish theme in Gold remains intact and this week’s pullback is considered corrective. Medium-term trend signals are bullish too - moving average studies are in a bull-mode position, highlighting a dominant uptrend. Resistance at $3435.6, the May 7 high, has been pierced. A clear break of this level would strengthen the uptrend and open $3500.1, the Apr 22 all-time high. Initial key support to monitor is $3279.3, the 50-day EMA.
- WTI Crude up $0.52 or +0.69% at $75.66
- Natural Gas up $0.09 or +2.33% at $4.081
- Gold spot down $20.92 or -0.62% at $3349.84
- Copper down $6.7 or -1.37% at $483.45
- Silver down $0.44 or -1.2% at $35.9913
- Platinum down $11.39 or -0.87% at $1292.04
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COMMODITIES: WTI Futures Trade to Fresh Short-Term Cycle High
- WTI futures have traded to a fresh short-term cycle high today and maintain a bullish theme. However, the recovery since Apr 9, still appears corrective. Key resistance to watch is $62.87, the 50-day EMA. It has been pierced, a clear break of it would highlight a stronger reversal. This would open $65.82, the Apr 4 high. For bears a reversal lower would refocus attention on $54.33, the Apr 9 low and bear trigger.
- Gold has recovered from its recent lows and is trading higher today. The climb signals the end of the corrective phase between Apr 22 - May 15. Medium-term trend signals remain bullish - moving average studies are in a bull-mode position highlighting a dominant uptrend. A continuation would open $3435 next, the May 7 high. Key support and the bear trigger has been defined at $3121.0, the May 15 low.
EQUITIES: Bullish Trend Condition in E-Mini S&P Remains Intact
- A bullish theme in Eurostoxx 50 futures remains intact and price is trading at its recent highs. The contract is extending the recent breach of 5263.01, 76.4% of the Mar 3 - Apr 7 bear leg, and maintains the sequence of higher highs and higher lows. Sights are on 5516.00, the Mar 3 high and the key bull trigger. Key support to watch lies at 5201.23, the 50-day EMA. Clearance of this level would signal a possible reversal.
- A bullish trend condition in S&P E-Minis remains intact and the contract is trading closer to its recent highs. An important resistance at 5837.25, the Mar 25 high and a bull trigger, has been cleared. This has strengthened the current bullish theme, and paves the way for a continuation near-term. Sights are on the 6000.00 handle next. Initial firm support to watch lies at 5703.54, the 50-day EMA.
UK DMO UPDATE: Gilt Auction Bidding Window Extended
The DMO announced that "due to the ongoing market-wide Bloomberg system issues, the bidding window for this morning's auction of the 4% 2031 is being extended. We expect the close time of the auction bidding window to be 11:30am, subject to Bloomberg systems issues being resolved. The UK Debt Management Office will share further details as soon as possible"
