PLN: Zloty Holds Tight Range, Price Action Confined To Symmetrical Triangle

WTI futures have reversed sharply from Monday’s session high. For now, the sell-off is considered corrective and the pullback has allowed a recent overbought condition to unwind. Support to watch is at the 50-day EMA, at $64.51. It has been pierced, a clear break of it would signal scope for a deeper retracement. On the upside, initial resistance to watch is $71.39, the 50.0% retracement of the Jun 23 - 24 high-low range. A bullish theme in Gold remains intact and the latest pullback is considered corrective. 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 recently been pierced. A clear break of this level would strengthen the uptrend and open $3500.1, the Apr 22 all-time high. Initial key support to monitor is $3286.2, the 50-day EMA.

• WTI Crude down $2.33 or -3.4% at $66.25
• Natural Gas down $0.07 or -1.95% at $3.626
• Gold spot down $40.29 or -1.2% at $3327.18
• Copper up $4.05 or +0.83% at $494.3
• Silver up $0.05 or +0.13% at $36.1372
• Platinum up $16.94 or +1.31% at $1314.21

A short-term bear cycle in Eurostoxx 50 futures remains intact, however, the recovery from Monday’s low appears to be a potential reversal. The contract has traded above the 20- and 50-day EMAs. A clear break of both averages would strengthen a reversal theme and signal scope for a stronger recovery. This would open 5486.00, the May 20 high and bull trigger. On the downside, a break of yesterday’s 5194.00 low would reinstate a bearish theme. The trend condition in S&P E-Minis is unchanged, it remains bullish and this week’s strong start reinforces current conditions. Short-term resistance and a bull trigger at 6128.75, the Jun 11 high, has been pierced. A clear break of this level would confirm a resumption of the uptrend that started Apr 7. This would open the 6200.00 handle, a Fibonacci projection. Key support remains at the 50-day EMA - at 5913.50. A clear break of it would signal a reversal.

• Japan's NIKKEI closed higher by 436.47 pts or +1.14% at 38790.56 and the TOPIX ended 20.17 pts higher or +0.73% at 2781.35.
• Elsewhere, in China the SHANGHAI closed higher by 38.984 pts or +1.15% at 3420.566 and the HANG SENG ended 487.94 pts higher or +2.06% at 24177.07.
• Across Europe, Germany's DAX trades higher by 452.91 pts or +1.95% at 23723.86, FTSE 100 higher by 29.18 pts or +0.33% at 8787.32, CAC 40 up 95.5 pts or +1.27% at 7631.03 and Euro Stoxx 50 up 81.14 pts or +1.55% at 5301.36.
• Dow Jones mini up 303 pts or +0.71% at 43204, S&P 500 mini up 49 pts or +0.81% at 6126, NASDAQ mini up 231.75 pts or +1.05% at 22306.