COMMODITIES: WTI Futures Fall From Monday's Highs, But Bull Cycle Intact

Recent weakness in WTI futures is considered corrective, as evidenced by the recovery off Friday’s lows into Monday trade. The contract is still trading through the 20-day EMA, at $95.37. Attention is on support at the 50-day EMA, at $87.29. It has been pierced, but a clear break of the average is required to highlight 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, a short-term bull cycle is intact. The metal has pierced the 50-day EMA, at $4784.5. 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 $5.65 or +6.74% at $89.62
• Natural Gas up $0.05 or +1.8% at $2.723
• Gold spot down $34.75 or -0.72% at $4795.71
• Copper down $8.8 or -1.43% at $608.85
• Silver down $1.44 or -1.78% at $79.4695
• Platinum down $33.12 or -1.57% at $2080.92

The EuroStoxx 50 future broke higher again Friday, taking out resistance layered between 5945.47 - 6015.00 in the process. The break of 5945.47, the 76.4% Fibonacci retracement for the Feb 26 - Mar 23 bear leg, is particularly notable. This exposes key resistance and the bull trigger into 6143.00, the Feb 26 high. Key support to watch lies at 5525.00, the Apr 2 low. A breach of this support would highlight a reversal. First support is 5763.24, the 50-day EMA. The core equity rally extended on Friday, pushing the e-mini S&P to fresh alltime highs of 7185.75 Friday. This sharp rally helped price pierce heavy resistance clustered between 7089.00-7096.50, strengthening the rally. This again reinforces the bull theme and confirms an extension of the reversal that started Mar 31. Resistance is scant above the alltime high, putting vol bands at 7162.85 in focus. Support is light into 6767.00, however, meaning any sharp reversal lower could be swift.

• Japan's NIKKEI closed higher by 348.99 pts or +0.6% at 58824.89 and the TOPIX ended 16.21 pts higher or +0.43% at 3777.02.
• Elsewhere, in China the SHANGHAI closed higher by 30.702 pts or +0.76% at 4082.127 and the HANG SENG ended 200.74 pts higher or +0.77% at 26361.07.
• Across Europe, Germany's DAX trades lower by 410.62 pts or -1.66% at 24290.51, FTSE 100 lower by 70.77 pts or -0.66% at 10596.89, CAC 40 down 97.06 pts or -1.15% at 8328.07 and Euro Stoxx 50 down 88.89 pts or -1.47% at 5968.82.
• Dow Jones mini down 319 pts or -0.64% at 49322, S&P 500 mini down 38.5 pts or -0.54% at 7122.75, NASDAQ mini down 155.5 pts or -0.58% at 26669.

• MNI: EUROZONE Q4 T+110 GDP 0.2% Q/Q (0.2% T+65 EST; 0.3% Q3)
• EUROZONE Q4 T+110 GDP 1.2% Y/Y (1.2% T+65 EST; 1.4% Q3)