COMMODITIES: Sharp Pullback in WTI Corrective From a Technical Standpoint
A sharp pullback in WTI futures is for now, considered corrective. The contract has traded through the 20-day EMA and this exposes a key support around the 50-day EMA, at $85.38. A clear break of the 50-day average is required to signal a stronger short-term reversal. On the upside key resistance and the bull trigger has been defined at $117.63, the Apr 7 high. Clearance of this hurdle would confirm a resumption of the uptrend. Recent gains in Gold appear to be corrective, however for now, the short-term bull cycle remains intact. The metal has pierced the 50-day EMA, at $4783.1. This signals scope for an extension towards $4914.9, a Fibonacci retracement point. Clearance of this level would open the $5000.0 handle. Initial firm support to watch lies at $4554.2, the Apr 2 low. A break of this level would be bearish.
- WTI Crude up $3.39 or +3.59% at $97.66
- Natural Gas down $0 or -0.11% at $2.718
- Gold spot up $7.36 or +0.16% at $4727.75
- Copper down $6.8 or -1.18% at $570.95
- Silver down $0.02 or -0.03% at $74.12
- Platinum down $13.94 or -0.69% at $2019.7
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FOREX: FX Exchange traded Roll Pace
After a fast start last Week into this Week, pace is now more aligned with previous roll Pace.
Expiry is Monday 16th and the roll should be all but done on Friday.
- EUR: 30%.
- GBP: 52%.
- JPY: 42%.
- CHF: 45%.
- CAD: 30%.
- AUD: 50%.
- NZD: 43%.
- SEK: 44%.
- NOK: 52%.
