FRANCE AUCTION RESULTS: MT OAT Results

• SX7E (19th June) 180p, sold at 12.30 in 18k (suggest closing).
• SX7E (19th Dec) 140p, bought for 1.75 in 6k.

Large OAT Basis trade, suggest Cash seller:

• OATU5 ~7.9k at 123.90.

WTI futures traded sharply higher last week and Friday’s early rally marked an acceleration of the current bull phase. Price action is likely to remain volatile near-term, and from a technical standpoint, the trend is currently in an extreme overbought position. A continuation higher would expose the $80.00 handle. A firm support is noted $68.49, the Jun 13 low. A breach of this level would signal scope for a deeper retracement. A bullish theme in Gold remains intact and last week’s gains reinforce current conditions. Medium-term trend signals are bullish too - moving average studies are in a bull-mode position, highlighting a dominant uptrend. Resistance at $3435.6, the May 7 high, has been pierced. A clear break of this level would strengthen the uptrend and open $3500.1, the Apr 22 all-time high. Initial key support to monitor is $3267.0, the 50-day EMA.

• WTI Crude up $0.79 or +1.1% at $72.59
• Natural Gas up $0.03 or +0.91% at $3.782
• Gold spot down $2.12 or -0.06% at $3383.16
• Copper down $2.65 or -0.54% at $486.55
• Silver up $0.15 or +0.42% at $36.4615
• Platinum up $2.63 or +0.21% at $1251.92