COMMODITIES: WTI Futures Close to Recent Highs But Bear Threat Remains Present
WTI futures continue to trade closer to their recent highs. A bear threat remains present and the recovery since Apr 9 still appears corrective. A key resistance area to monitor is $62.51, the 50-day EMA. It has again been pierced. A clear break of it would highlight a stronger reversal and open $65.82, the Apr 4 high. For bears a reversal lower would refocus attention on $54.33, the Apr 9 low and bear trigger. A bullish theme in Gold remains intact and this week’s gains reinforce current conditions. Medium-term trend signals are bullish too - moving average studies remain in a bull-mode position, highlighting a dominant uptrend. Sights are on $3435.6 next, the May 7 high. A break of this hurdle would strengthen bullish conditions. On the downside, key support and the bear trigger to watch has been defined at $3121.0, the May 15 low.
- WTI Crude up $0.03 or +0.05% at $63.43
- Natural Gas down $0.05 or -1.32% at $3.673
- Gold spot up $8.49 or +0.25% at $3361.69
- Copper up $5.55 or +1.15% at $488.95
- Silver up $0.01 or +0.04% at $34.5228
- Platinum up $13 or +1.2% at $1092.56
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
COMMODITIES: M/T Bearish WTI Trend Continues
A medium-term bearish trend in WTI futures remains intact and last week’s sell-off reinforces this theme. The move down signals the end of the correction between Apr 9 - 23. Gold is trading closer to its recent lows and a corrective cycle remains in play for now. The yellow metal has breached the 20-day EMA. A continuation lower would highlight a deeper retracement and open the 50-day EMA, at 3115.11.
- WTI Crude down $1.11 or -1.9% at $56.9
- Natural Gas up $0.07 or +1.82% at $3.694
- Gold spot up $39.01 or +1.2% at $3273.76
- Copper up $7.1 or +1.52% at $474.65
- Silver up $0.37 or +1.16% at $32.373
- Platinum up $2.32 or +0.24% at $968.34
EQUITIES: Friday Rally Strengthens S/T Bull Cycle for Stocks
The latest recovery in the e-mini S&P reinforces current bullish conditions.The contract has traded through the 50-day EMA, at 5620.87. A continuation of the bull phase would expose 5837.25 next, the Mar 25 high and a bull trigger. Eurostoxx 50 futures maintain a positive tone and Friday’s rally strengthens the current bull cycle. The contract has cleared both the 20- and 50-day EMAs, and attention is on 5263.01, a Fibonacci retracement point.
- Dow Jones mini down 262 pts or -0.63% at 41200
- S&P 500 mini down 45.5 pts or -0.8% at 5665.25
- NASDAQ mini down 181.25 pts or -0.9% at 20024.25.
EGB OPTIONS: Large Bund Condor
RXM5 132.00/133.50/135.00/136.50c condor, sold at 24.5 in 10k.
