COMMODITIES: WTI Futures Trading at Lowest Level Since December 2023
WTI futures maintain a softer tone. The contract traded sharply lower Tuesday, resulting in a break of key support at $70.88, the Aug 5 low. The clear break of this level confirms a resumption of the downtrend that started Apr 12 and paves the way for an extension towards $68.92, the Dec 13 ‘23 low. Moving average studies are in a bear-mode position highlighting a clear downtrend. Initial resistance is at $74.65, the 20-day EMA. The trend in Gold remains bullish and the recent sideways move marks a pause in the uptrend. MA studies are in a bull-mode set-up and this highlights a dominant uptrend. The recent breach of $2483.7, Jul 17 high, confirmed a resumption of the primary uptrend and the focus is on $2536.4 next, a Fibonacci projection. Initial support to watch lies at $2483.6, the 20-day EMA. It has been pierced, a move lower would be considered corrective.
- WTI Crude down $0.49 or -0.7% at $69.87
- Natural Gas down $0 or -0.05% at $2.201
- Gold spot down $18.7 or -0.75% at $2474.65
- Copper down $4.25 or -1.04% at $405.05
- Silver down $0.27 or -0.96% at $27.7963
- Platinum down $6.57 or -0.72% at $902.74
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
COMMODITIES: WTI Futures Eye Key Support at $72.23
A bear threat in WTI futures remains present and the contract has traded lower today as it extends the current downtrend. Sights are on the next key support at $72.23, the Jun 4 low. A break of this level would reinforce bearish conditions and pave the way for an extension towards $70.73, the Feb 5 low. On the upside, key resistance is seen at $78.88, the Aug 1 high. Short-term gains would allow an oversold condition to unwind. Gold has traded higher this week. The recent move down appears to have been a correction. The yellow metal did manage to pierce support at the 50-day EMA - at $2370.3. A clear break of this average would signal scope for a deeper retracement towards $2277.4, the May 3 low and a key support. For bulls, this week’s gains are constructive. Sights are on $2483.7, the Jul 17 high, and a bull trigger. Clearance of this hurdle resumes the uptrend.
- WTI Crude down $0.66 or -0.9% at $72.93
- Natural Gas down $0.03 or -1.73% at $1.93
- Gold spot down $16.3 or -0.67% at $2426.18
- Copper down $2.6 or -0.63% at $407.55
- Silver down $0.53 or -1.85% at $28.0294
- Platinum down $28.81 or -3% at $932.06
EQUITIES: Sell-Off in E-Mini S&P Extends, Reaches Lowest Since May
A bear threat in Eurostoxx 50 futures remains present and the contract is trading lower today as it starts the week on a bearish note. Last week’s sell-off resulted in a break of 4846.00, the Apr 19 low. The breach highlights a stronger reversal and signals scope for an extension towards 4543.00 next, a Fibonacci projection. Firm resistance is 4940.25, the 50-day EMA. First resistance is 4656.00, today’s intraday high. S&P E-Minis traded lower late last week and the contract is starting this week’s session on a bearish note as the current sell-off extends. The move lower paves the way for a test of 5185.50, a Fibonacci retracement. Clearance of this level would signal scope for an extension towards 5092.00, the May 2 low. Today’s intraday high of 5345.50 marks initial resistance. The 50-day EMA, a firmer level, is at 5494.20.
- Japan's NIKKEI closed lower by 4451.28 pts or -12.4% at 31458.42 and the TOPIX ended 310.45 pts lower or -12.23% at 2227.15.
- Elsewhere, in China the SHANGHAI closed lower by 44.639 pts or -1.54% at 2860.698 and the HANG SENG ended 247.15 pts lower or -1.46% at 16698.36.
- Across Europe, Germany's DAX trades lower by 413.09 pts or -2.34% at 17249.36, FTSE 100 lower by 168.77 pts or -2.06% at 8005.24, CAC 40 down 142.39 pts or -1.96% at 7108.23 and Euro Stoxx 50 down 101.67 pts or -2.19% at 4536.64.
- Dow Jones mini down 609 pts or -1.53% at 39260, S&P 500 mini down 116.75 pts or -2.17% at 5257, NASDAQ mini down 631.25 pts or -3.4% at 17919.5.
BTP: 2yr BTP Basis trade
Short BTP (2yr) Basis trade, suggest cash seller.
- BTSU4 2k at 106.21.
