CREDIT RATING: Webuild: Fitch Upgrade

• MNI: EUROZONE Q1 PRELIM FLASH GDP +1.2% Y/Y

• MNI: EUROZONE Q1 FLASH GDP +0.4% Q/Q

A medium-term bearish theme in WTI futures remains intact and the latest move down reinforces this theme, signalling the end of the correction between Apr 9 - 23. The correction allowed an oversold trend condition to unwind. A clear resumption of the bear cycle would open $53.72, a Fibonacci projection. Initial support to watch is at $58.29, the Apr 29 low. Resistance to watch is $65.38, the 50-day EMA. Gold is unchanged and the yellow metal continues to trade below its recent highs. The trend needle points north and the latest move down appears corrective. The retracement has allowed an overbought condition to unwind. Moving average studies are in a bull-mode position highlighting a dominant uptrend. The next objective is $3547.9, a Fibonacci projection. Initial firm support to watch lies at 3239.5, the 20-day EMA.

• WTI Crude down $1.07 or -1.77% at $59.36
• Natural Gas up $0 or +0.03% at $3.38
• Gold spot down $33.84 or -1.02% at $3284.51
• Copper down $20.8 or -4.27% at $464.8
• Silver down $0.54 or -1.64% at $32.361
• Platinum down $10.31 or -1.05% at $967.99