OIL: *ZELENSKYY: UKRAINE HIT NOVOROSSIYSK NAVAL BASE, OIL TERMINAL” BBG

WTI futures traded sharply lower last Tuesday marking an extension of the current bear cycle and corrective phase. The move down opens $73.35, a Fibonacci retracement point. Clearance of this level would strengthen the bear cycle and expose key support and the bear trigger at $67.12, the Jul 2 low. For bulls, a reversal higher would highlight the end of the correction and refocus attention on $93.50, the Jul 23 high and key resistance. Gold rallied sharply higher last week. The metal breached the upper resistance of a triangle formation, and resistance at the 50-day EMA, at $4194.8. The clear break of the EMA highlights a stronger short-term bull cycle and a possible reversal. Sights are on $4382.3, the Jun 17 high, and further out, $4507.1, a Fibonacci retracement. Key support and the bear trigger lies at $3943.3, the Jun 30 low.

• WTI Crude up $0.96 or +1.23% at $78.99
• Natural Gas up $0.1 or +3.76% at $2.761
• Gold spot up $4.46 or +0.1% at $4346.66
• Copper up $4.4 or +0.67% at $663.45
• Silver up $0.64 or +1.01% at $64.1974
• Platinum down $5.61 or -0.32% at $1745.09

The trend set-up in EuroStoxx 50 futures remains bullish and last week’s gains reinforce current conditions. The contract has breached 6462.00, the Jul 6 high and bull trigger, to confirm a resumption of the primary uptrend and maintain the price sequence of higher highs and higher lows. Sights are on the 6600.00 handle next. A key support to watch lies at 6278.27 the 50-day EMA. Support at the 20-day EMA lies at 6386.05. The trend condition in S&P E-Minis is bullish and the contract is holding on to the bulk of its recent gains. 7693.75, the Jun 2 high and bull trigger, has been cleared and this confirms a resumption of the primary uptrend. The focus is on a clear break of 7800.00 to open 7849.93, a Fibonacci projection. Note that moving average studies are in a bull-mode position highlighting a dominant uptrend. Initial firm support lies at 7590.97, the 20-day EMA.

• Japan's NIKKEI closed higher by 1363.51 pts or +2.08% at 66970.22 and the TOPIX ended 25.68 pts higher or +0.63% at 4100.61.
• Elsewhere, in China the SHANGHAI closed higher by 26.557 pts or +0.67% at 3966.594 and the HANG SENG ended 269.46 pts higher or +1.05% at 25937.49.
• Across Europe, Germany's DAX trades higher by 51.87 pts or +0.2% at 26371.6, FTSE 100 lower by 28.57 pts or -0.26% at 10872.82, CAC 40 down 18.3 pts or -0.21% at 8696.63 and Euro Stoxx 50 up 8.7 pts or +0.13% at 6532.56.
• Dow Jones mini down 40 pts or -0.07% at 54112, S&P 500 mini up 10.5 pts or +0.14% at 7790.5, NASDAQ mini up 120.5 pts or +0.4% at 29955.75.

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