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A bull wave in WTI futures remains intact and last week’s rally reinforces bullish conditions. The contract has pierced key resistance and the bull trigger at $113.41, the Mar 9 high. A clear break of this level would confirm a resumption of the uptrend and open $118.99, a Fibonacci projection, ahead of the psychological $120.00 handle. A key support zone to monitor is $95.34 - $82.74, the 20- and 50-day EMA values. Recent gains in Gold appear to be corrective. Key near-term resistance is at $4799.5, the 50-day EMA. A clear break of this average is required to signal scope for a stronger recovery. This would open $4914.9, a Fibonacci retracement point. For bears, a reversal would mark the end of the correction and signal scope for a move towards the bear trigger at $4099.2, the Mar 23 low.

• WTI Crude up $0.37 or +0.33% at $112.91
• Natural Gas down $0.03 or -1.14% at $2.78
• Gold spot up $34.74 or +0.75% at $4684.85
• Copper up $2.15 or +0.38% at $562.1
• Silver up $0.08 or +0.11% at $72.9229
• Platinum up $5.25 or +0.27% at $1986.27

The trend structure in EuroStoxx 50 futures remains bearish and - for now - recent short-term gains are considered corrective. Note that the trend has been in oversold territory recently and the latest recovery has allowed this set-up to unwind. Key pivot resistance is seen at 5722.33, the 50-day EMA, where a clear break is required to signal a possible reversal. For bears, a resumption of weakness would open 5277.64 next, a Fibonacci projection. A strong rally in S&P E-Minis last week highlights the start of a corrective phase. Note that a correction is allowing an oversold trend condition to unwind. Initial firm resistance to watch is 6650.03 the 20-day EMA. It has been pierced, a clear break of this average would signal potential for an extension towards 6769.31, the 50-day EMA and a key area of resistance. The bear trigger has been defined at 6753.25, the Mar 31 low.

• Japan's NIKKEI closed higher by 15.88 pts or +0.03% at 53429.56 and the TOPIX ended 9.22 pts higher or +0.25% at 3654.02.
• Across Europe, Germany's DAX trades higher by 178.82 pts or +0.77% at 23344.15, FTSE 100 higher by 30.23 pts or +0.29% at 10465.3, CAC 40 up 95.19 pts or +1.2% at 8057.58 and Euro Stoxx 50 up 43.39 pts or +0.76% at 5736.25.
• Dow Jones mini up 63 pts or +0.13% at 46968, S&P 500 mini up 2.75 pts or +0.04% at 6653.25, NASDAQ mini down 2.5 pts or -0.01% at 24354.25.