EGBS: European Yields Reverse Lower; Supply Digested Smoothly

CBKE (18/12/26) 18c, bought for 8.15 in 35k.

A medium-term bearish trend in WTI futures remains intact and short-term gains are considered corrective. The move down that started Apr 23 signals the end of the correction between Apr 9 - 23. That cycle higher allowed an oversold condition to unwind. Attention is on $54.67, the Apr 9 low and a bear trigger. Clearance of this level would resume the downtrend and open $53.72, a Fibonacci projection. Resistance to watch is $64.32, the 50-day EMA. Gold has recovered from its recent lows and this suggests the correction between Apr 22 - May 1, is over. A continuation higher would refocus attention on key resistance and the bull trigger at $3500.1, the Apr 22 high. Clearance of this level would confirm a resumption of the primary uptrend. Key short-term support has been defined at $3202.0, the May 1 low. A break of this level is required to signal scope for a deeper retracement.

• WTI Crude up $1.46 or +2.56% at $58.49
• Natural Gas up $0.08 or +2.37% at $3.632
• Gold spot up $43.23 or +1.3% at $3377.06
• Copper down $1.15 or -0.24% at $468.85
• Silver up $0.56 or +1.73% at $33.0628
• Platinum up $14.78 or +1.53% at $979.36

Eurostoxx 50 futures maintain a positive tone and the contract is holding on to its latest gains. Price has recently cleared both the 20- and 50-day EMAs, and attention is on 5263.01, 76.4% of the Mar 3 - Apr 7 bear leg. It has been pierced, a clear break of it would pave the way for a climb towards 5341.00, the Mar 27 high. Initial support to watch lies at 5067.15, the 20-day EMA. Clearance of this level would signal a possible reversal. The latest recovery in the e-mini S&P reinforces current bullish conditions.The contract has breached the 50-day EMA, at 5622.87. A continuation of the bull phase would expose 5837.25 next, the Mar 25 high and a bull trigger. It is still possible that the entire rally since Apr 7 is a correction. A reversal lower would signal the end of this corrective phase and expose initially, support at 5127.25, the Apr 21 low.

• In China the SHANGHAI closed higher by 37.083 pts or +1.13% at 3316.114 and the HANG SENG ended 158.03 pts higher or +0.7% at 22662.71.
• Across Europe, Germany's DAX trades lower by 260.12 pts or -1.11% at 23085.01, FTSE 100 higher by 3.66 pts or +0.04% at 8600.28, CAC 40 down 40.58 pts or -0.53% at 7687.35 and Euro Stoxx 50 down 34.91 pts or -0.66% at 5248.14.
• Dow Jones mini down 224 pts or -0.54% at 41093, S&P 500 mini down 37.25 pts or -0.66% at 5634.5, NASDAQ mini down 181.5 pts or -0.91% at 19874.