COMMODITIES: Bull Cycle in WTI Futures Remains Intact
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 $62.55. The 50-day EMA lies at $60.79. 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 to watch has been defined at $66.48, the Jan 30 high. Clearance of it would resume the uptrend. The recent recovery 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 still 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 $0.11 or -0.17% at $64.53
- Natural Gas up $0.05 or +1.46% at $3.205
- Gold spot down $11.82 or -0.23% at $5073.35
- Copper up $4.9 or +0.82% at $601.25
- Silver down $0.5 or -0.59% at $83.7816
- Platinum down $18.98 or -0.89% at $2118
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COMMODITIES: Recent Gains for WTI Futures Appear Corrective, For Now
The trend structure in WTI futures remains bearish and recent gains still appear corrective - for now. Moving average studies are in a bear-mode position, highlighting a dominant downtrend. However, note that resistance at the 50-day EMA, at $58.37, has been breached. This signals scope for a stronger corrective phase. Key resistance is at $61.25, the Oct 24 high. Clearance of this level would highlight a stronger reversal. The trend structure in Gold remains bullish and Monday’s strong start to this week’s session reinforces current conditions. Gold has cleared resistance at $4549.9, the Dec 26 high, to confirm a resumption of the primary uptrend. Sights are on the $4630.7 next, a Fibonacci projection. Initial firm support to watch lies at $4406.1, the 20-day EMA. A break of the average would signal the start of a corrective phase.
- WTI Crude up $1.19 or +2% at $60.72
- Natural Gas down $0.02 or -0.7% at $3.387
- Gold spot down $11.45 or -0.25% at $4587.21
- Copper up $1 or +0.17% at $604.45
- Silver up $0.37 or +0.43% at $85.5179
- Platinum down $5.8 or -0.25% at $2337.54
EQUITIES: Fresh Cycle Highs Reinforce Bullish Theme for E-Mini S&P
A bull cycle in Eurostoxx 50 futures is intact and Monday’s cycle high and strong start to the week, reinforces the bull theme. Note that MA studies are in a bull-mode position, highlighting a dominant uptrend. The 6000.00 handle has been breached, signalling scope for 6086.99 next, a Fibonacci projection. Initial firm support to watch is 5856.52, the 20-day EMA. A pullback would be considered corrective and allow an overbought condition to unwind. The trend structure in S&P E-Minis remains bullish and Monday's fresh cycle high reinforces current conditions.The move higher confirms a resumption of the primary uptrend and maintains the bullish price sequence of higher highs and higher lows. Sights are on 7036.74, a Fibonacci projection point. On the downside, initial support to watch lies at 6941.50, the 20-day EMA. The 50-day EMA lies at 6887.59.
- Japan's NIKKEI closed higher by 1609.27 pts or +3.1% at 53549.16 and the TOPIX ended 84.78 pts higher or +2.41% at 3598.89.
- Elsewhere, in China the SHANGHAI closed lower by 26.529 pts or -0.64% at 4138.758 and the HANG SENG ended 239.99 pts higher or +0.9% at 26848.47.
- Across Europe, Germany's DAX trades lower by 31.46 pts or -0.12% at 25374.79, FTSE 100 lower by 0.2 pts or 0% at 10140.81, CAC 40 down 24.1 pts or -0.29% at 8335.89 and Euro Stoxx 50 up 6.96 pts or +0.12% at 6024.06.
- Dow Jones mini down 69 pts or -0.14% at 49738, S&P 500 mini down 9.25 pts or -0.13% at 7007, NASDAQ mini down 54.75 pts or -0.21% at 25902.25.
