COMMODITIES: WTI Futures Pierce Key Pivot Resistance at 50-Day EMA
Despite recent gains, a bearish trend condition in WTI futures remains intact. However, a key pivot resistance at $69.12, the 50-day EMA, has been pierced. A clear breach of this hurdle would strengthen a bullish theme and open $70.98, the Feb 25 high. For bears, a reversal lower would expose the bear trigger at $64.85, the Mar 5 low. Clearance of this level would resume the downtrend and open $63.73 next, the Oct 10 ‘24 low. A clear uptrend in Gold remains intact and the yellow metal is holding on to the bulk of its recent gains. Last Thursday’s fresh trend high reinforces the bull theme and sights are on $3079.2 next, a Fibonacci projection. Note that moving average studies remain in a bull-mode position, highlighting a dominant uptrend and positive market sentiment. Support is at $2970.1, the 20-day EMA.
- WTI Crude up $0.28 or +0.41% at $69.29
- Natural Gas up $0.09 or +2.27% at $3.927
- Gold spot up $5.15 or +0.17% at $3025.63
- Copper up $7.4 or +1.42% at $528.45
- Silver down $0.11 or -0.31% at $33.628
- Platinum down $4.26 or -0.43% at $976.6
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
CROSS ASSET: Some early reversals in European cross assets
- Some early unwind in Europe, the Estoxx futures has fully pared the overnight gains to close its opening gap down to 5450.00, printed a 5448.00 low.
- Bund seems to be heading the same way, the opening gap for the contract, would be up to 132.60, ahead of the Initial resistance at 132.97.
- The Dollar is still in the red against G10s, but the Currency is paring losses, to edge towards flat on the Day, EURUSD is still up a small 0.19%.
STIR: J.P.Morgan Recommend Receiving 1y1y €STR
J.P.Morgan recommend receiving 1y1y €STR.
- They believe that “the €STR curve is not pricing enough downside risk-premium”, with growth remaining on a soft trajectory and the U.S. tariff backdrop further tilting economic risks to the downside.
- They acknowledge that they “do not expect any sharp sustained repricing lower of terminal rate expectations over the near term but a gradual decline over the coming months and therefore prefer to trade tactically at the front-end of the curve”.
CROSS ASSET: MONTH END EXTENSION
Bloomberg Bonds:
- US Tsys: +0.12yr (Large).
- EU Govies: +0.08yr (Average).
- UK Govies: -0.03yr (non event).
- JGBs: +0.04yr (small).
