COMMODITIES: WTI Futures Remain Above Key Resistance at 50-Day EMA
Despite recent gains, a bearish trend condition in WTI futures remains intact, and gains this month are considered corrective. However, a key resistance at $69.17, the 50-day EMA, has been pierced. The breach strengthens a bullish theme and opens $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, the Oct 10 ‘24 low. The trend condition in Gold is unchanged, it remains bullish. Today’s strong gains have resulted in a clear breach of $3057.5, the Mar 20 high and a bull trigger. This confirms a resumption of the primary uptrend and also highlights fresh all-time highs for the yellow metal. Sights are on the $3100.0 handle and $3106.8, a Fibonacci projection. Support to watch lies at $2982.7, the 20-day EMA.
- WTI Crude down $0.11 or -0.16% at $69.62
- Natural Gas down $0.04 or -0.89% at $3.891
- Gold spot up $14.45 or +0.47% at $3068.66
- Copper down $4.65 or -0.91% at $508.05
- Silver up $0.04 or +0.12% at $34.3125
- Platinum down $3.16 or -0.32% at $987.14
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BONDS: EUREX ROLL VIEWS
As noted June contracts are front for Treasuries and the Gilt, expect for these to be fully done by end of day.
Next Bonds to roll will be EUREX, should be kicking off at the end of the Week, expiry is 6th March.
MS:
- Buxl: Bullish.
- Bund: Bullish.
- Bobl: Bullish.
- Schatz: Mildly Bullish.
- OAT: Mildly Bullish.
- BTP: Bearish.
JPM:
- Buxl: Bullish.
- Bund: Bullish.
- Bobl: Bullish.
- Schatz: Bullish.
- OAT: Bearish.
- BTP: Bearish.
Soc Gen:
- Buxl: Bullish.
- Bund: Mildly Bullish.
- Bobl: Mildly Bullish.
- Schatz: Mildly Bearish.
- OAT: Mildly Bullish.
- BTP: Mildly Bullish.
OPTIONS: Expiries for Feb26 NY cut 1000ET (Source DTCC)
- EUR/USD: $1.0400(E1.1bln), $1.0420-35(E2.6bln), $1.0440-50(E2.8bln), $1.0460-75(E1.6bln), $1.0495-00(E1.6bln), $1.0510-30(E5.0bln), $1.0550(E1.4bln)
- USD/JPY: Y149.00($956mln), Y150.00($833mln), Y150.20-25($780mln), Y151.00($1.4bln), Y151.95($1.0bln)
- EUR/JPY: Y155.00(E927mln)
- GBP/USD: $1.2675(Gbp619mln)
- AUD/USD: $0.6400(A$817mln)
- USD/CAD: C$1.3500($1.2bln), C$1.4300($784mln), C$1.4390-00($1.4bln)
- USD/CNY: Cny7.3500($1.2bln)
CROSS ASSET: A $3.3k bounce in Bitcoin
- Bitcoin has managed to bounce back above that 50% retracement noted Yesterday at $88,027.59, this is the retracement post the US Election rally.
- Bitcoin lost a whopping ~10.55k in just the last two sessions, and after bouncing some ~3.3k from Yesterday's low, it is drifting back down to that $88,027.59 level.
- Next supports are still seen at 85,133.12, followed by 83,021.19, 61.8% retracement of the US Election Rally.
(Chart source: MNI/Bloomberg).
