WTI TECHS: (H6) Monitoring Support
- RES 4: $71.66 - 2.00 proj of the Jan 7 - 14 - 20 price swing
- RES 3: $69.80 - High Jun 23 ‘25 and a key medium-term resistance
- RES 2: $68.00 - Round number resistance
- RES 1: $66.48 - High Jan 30
- PRICE: $63.97 @ 07:17 GMT Feb 5
- SUP 1: $61.59/60.08 - 20- and 50-day EMA values
- SUP 2: $58.53 - Low Jan 20
- SUP 3: $55.65 - Low Ja 7
- SUP 4: $54.56 - Low Apr 9 ‘25 and a key 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 $61.59. The 50-day EMA lies at $60.08. 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.
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EQUITY TECHS: E-MINI S&P: (H6) Support Remains Intact
- RES 4: 7080.92 0.764 proj Nov 21 - Dec 11 - 18 price swing
- RES 3: 7021.79 0.618 proj Nov 21 - Dec 11 - 18 price swing
- RES 2: 7014.00 High Oct 30 and the bull trigger
- RES 1: 6994.00 High Dec 26
- PRICE: 6955.50 @ 07:15 GMT Jan 6
- SUP 1: 6865.03 50-day EMA
- SUP 2: 6771.50 Low Dec 18 and a key support
- SUP 3: 6684.50 Low Nov 24
- SUP 4: 6583.00 Low Nov 21 and a reversal trigger
A recent pullback in S&P E-Minis appears corrective. A key near-term support has been defined at 6771.50, the Dec 18 low. Clearance of this level is required to signal scope for a deeper retracement and would also highlight a possible short-term reversal. For bulls, sights are on key resistance at 7014.00, the Oct 30 high. Clearance of this hurdle would confirm a resumption of the primary uptrend.
WTI TECHS: (G6) Trend Set-Up Still Bearish
- RES 4: $70.16 - High Jun 23 and a key medium-term resistance
- RES 3: $64.97 - High Sep 26
- RES 2: $61.25 - High Oct 24 and a key resistance
- RES 1: $58.46 - 50-day EMA
- PRICE: $58.07 @ 07:08 GMT Jan 6
- SUP 1: $54.89 - Low Dec 16
- SUP 2: $54.71 - Low Apr 9 and a key support
- SUP 3: $53.77 - 1.764 proj of the Jul 30 - Aug 13 - Sep 26 price swing
- SUP 4: $52.27 - 2.000 proj of the Jul 30 - Aug 13 - Sep 26 price swing
The trend condition in WTI futures is unchanged, it remains bearish and recent gains are considered corrective. Moving average studies are in a bear-mode position, highlighting a dominant downtrend. A resumption of the bear leg would signal scope for a move towards $53.77, a Fibonacci projection. Key short-term resistance is $61.25, the Oct 24 high. First resistance is at $58.46, the 50- day EMA.
GOLD TECHS: Bullish Outlook
- RES 4: $4600.00 - Round number resistance
- RES 3: $4578.3 - 1.618 proj of the Oct 28 - Nov 13 - Nov 18 swing
- RES 2: $4549.9 - High Dec 26 and the bull trigger
- RES 1: $4474.2 - Intraday high
- PRICE: $4468.3 @ 07:15 GMT Jan 6
- SUP 1: $4274.7 - Low Dec 31
- SUP 2: $4204.5 - 50-day EMA
- SUP 3: $4109.7 - Low Nov 25
- SUP 4: $3998.1 - Low Nov 18
The trend structure in Gold is unchanged, it remains bullish and a sharp sell-off late December appears corrective - for now. The trend is overbought and a deeper retracement would allow this condition to unwind. First support at $4336.9, the 20-day EMA, has been pierced. A clear break of the average would expose the 50-day EMA at $4204.5. For bulls, a resumption of gains would open $4578.3, a Fibonacci projection.
