COMMODITIES: WTI Futures Bull Cycle Intact, Remains Above 20-, 50-Day EMAs

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 $62.16. The 50-day EMA lies at $60.50. 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. The latest bounce in Gold highlights a retracement of the Jan 29 - Feb 2 sell-off. The next two resistance points to monitor are $5139.9 and $5314.0, Fibonacci retracement levels. Note that the sharp sell-off from the Jan 29 high highlights a potential top in the L/T trend and from a S/T perspective, an unwinding of the recent extreme overbought condition. A resumption of bearish activity would refocus attention on $4403.0, the Feb 2 low.

• WTI Crude down $0.12 or -0.19% at $64.25
• Natural Gas down $0.04 or -1.27% at $3.098
• Gold spot down $10.5 or -0.21% at $5047.96
• Copper down $6.05 or -1.01% at $590.2
• Silver down $1.14 or -1.37% at $82.1695
• Platinum down $21.59 or -1.02% at $2102.21