COMMODITIES: WTI Futures Rally Sharply, Continuation Would Expose $80 Handle
WTI futures have traded sharply higher this week and today's rally marks an acceleration of the current bull phase. Price action is likely to be volatile and from a technical standpoint, the trend is currently in an extreme overbought position. A continuation higher would expose the $80.00 handle. Initial support lies at $71.50, the Apr 2 high. A firmer support is noted at today’s intraday low - at $68.49. A bullish theme in Gold remains intact and this week’s gains reinforce bullish conditions. Medium-term trend signals are bullish too - moving average studies are in a bull-mode position, highlighting a dominant uptrend. Resistance at $3435.6, the May 7 high, has been pierced. A clear break of this level would strengthen bullish conditions and open $3500.1, the Apr 22 all-time high. Initial key support to monitor is $3255.2, the 50-day EMA.
- WTI Crude up $5 or +7.35% at $73.1
- Natural Gas up $0.05 or +1.35% at $3.538
- Gold spot up $38.83 or +1.15% at $3425.54
- Copper down $8.35 or -1.71% at $480.7
- Silver up $0.02 or +0.07% at $36.362
- Platinum down $23.21 or -1.79% at $1275.28
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COMMODITIES: Recent Pullback in Gold Considered Technically Corrective
A downtrend in WTI futures remains intact and S/T gains are considered corrective. For now, the corrective cycle remains in play and price has traded through the 20-day EMA. Key resistance to watch is $63.55, the 50-day EMA. It has been pierced, a clear break of it would highlight a stronger reversal. This would open $66.41, the Apr 4 high. For bears a reversal lower would refocus attention on $54.67, the Apr 9 low and bear trigger. The latest pullback in Gold still appears corrective. Key short-term support to watch is $3202.0, the May 1 low. A clear break of this level would undermine the short-term bullish theme and signal scope for a deeper retracement. This would open $3164.3, 61.8% of the Apr 7 - Apr 22 upleg. Note that the 50-day EMA is at $3164.5 - a key support too. The M/T trend remains bullish, a reversal would refocus attention on $3500.1, the Apr 22 high and bull trigger.
- WTI Crude down $0.34 or -0.53% at $63.33
- Natural Gas down $0.06 or -1.65% at $3.587
- Gold spot down $16.52 or -0.51% at $3233.28
- Copper up $0.15 or +0.03% at $472.45
- Silver down $0.08 or -0.24% at $32.835
- Platinum up $8.23 or +0.83% at $1000.16
EQUITIES: E-Mini S&P Maintains Positive Tone Following Break of Bull Trigger
A bullish theme in the Eurostoxx 50 futures contract remains intact. Gains on Monday reinforce current bullish conditions. The contract is extending the recent breach of 5263.01, 76.4% of the Mar 3 - Apr 7 bear leg. The continuation higher signals scope for a climb towards 5516.00, the Mar 3 high and the key bull trigger. Initial firm support to watch lies at 5152.85, the 50-day EMA. Clearance of this level would signal a possible reversal. A bullish trend condition in S&P E-Minis remains intact and this week’s appreciation reinforces bullish conditions. The contract has cleared an important resistance at 5837.25, the Mar 25 high and a bull trigger. This strengthens the bullish theme, paving the way for a continuation near-term. Sights are on the 6000.00 handle next. Initial firm support to watch lies at 5648.28, the 50-day EMA.
- Japan's NIKKEI closed lower by 55.13 pts or -0.14% at 38128.13 and the TOPIX ended 8.85 pts lower or -0.32% at 2763.29.
- Elsewhere, in China the SHANGHAI closed higher by 29.077 pts or +0.86% at 3403.948 and the HANG SENG ended 532.38 pts higher or +2.3% at 23640.65.
- Across Europe, Germany's DAX trades lower by 66.65 pts or -0.28% at 23571.19, FTSE 100 lower by 1.44 pts or -0.02% at 8601.55, CAC 40 down 46.73 pts or -0.59% at 7827.1 and Euro Stoxx 50 down 27.33 pts or -0.5% at 5388.88.
- Dow Jones mini up 30 pts or +0.07% at 42260, S&P 500 mini up 1.25 pts or +0.02% at 5906, NASDAQ mini up 1.5 pts or +0.01% at 21280.5.
AUD: AUDNZD finds resistance at the initial target
- While the AUD is getting an underlying bid, a function of some early Dollar selling interest, with the Greenback now in the red across G10s despite some fade off the highs in Equities.
- The AUDNZD has drifted to session low after once again finding some resistance at the initial area target of 1.0909/1.0914, now printed a 1.0912 high.
- Next upside level is seen at 1.0935, and further upside traction in AUDNZD would open to 1.0978, not a Tech level, but where the cross was trading at post the 2nd April Tariffs announcement.
