COMMODITIES: WTI Futures Moving Average Studies Remain in Bull-Mode Position

The trend structure in WTI futures remains bullish and the contract is again trading higher, today. The stronger reversal to the upside has resulted in a breach of key short-term resistance at $76.41, the Oct 8 high. Clearance of this hurdle strengthens a bull theme and opens $79.59, the Jul 5 ‘24 high. On the downside, a reversal lower would expose the 20-day EMA, at $72.05. This average is seen as a key short-term support. Recent gains in Gold appear corrective - for now. However, the yellow metal is holding on to last week’s gains and scope is seen for a continuation higher near-term. A stronger recovery would open $2726.2, the Dec 12 high and an important short-term resistance. Clearance of this level would be a bullish development. On the downside, a reversal lower would expose $2583.6, the Dec 19 low. Initial support is at $2642.1, the 50-day EMA.

• WTI Crude up $1.14 or +1.49% at $77.67
• Natural Gas up $0.19 or +4.66% at $4.179
• Gold spot down $4.93 or -0.18% at $2685.01
• Copper up $1.7 or +0.4% at $432.1
• Silver down $0.36 or -1.2% at $30.0535
• Platinum down $6.63 or -0.69% at $959.3

A bull cycle in the Eurostoxx 50 futures contract remains intact and price is trading closer to its recent highs. Last week’s rally highlights a reversal of the recent corrective pullback. Resistance at 5040.00, the Dec 9 high, has been pierced. A clear break of this hurdle would confirm a resumption of the bull cycle that started on Nov 21 and open 5068.13, a Fibonacci projection. On the downside, initial firm support lies at 4935.71, the 50-day EMA. A bear threat in the S&P E-Minis contract remains present and the contract is trading lower today. The reversal from the Dec 26 high, confirms the end of the Dec 20 - 26 correction. 5866.00, the Dec 20 low and a key short-term support, has been cleared. This strengthens a bearish theme and opens 5811.65, a Fibonacci retracement. Initial firm resistance is 6107.50, the Dec 26 high. First pivot resistance is seen at 5996.50, the 50-day EMA.

• Elsewhere, in China the SHANGHAI closed lower by 7.769 pts or -0.25% at 3160.755 and the HANG SENG ended 190.15 pts lower or -1% at 18874.14.
• Across Europe, Germany's DAX trades lower by 134.25 pts or -0.66% at 20078.74, FTSE 100 lower by 25.91 pts or -0.31% at 8221.77, CAC 40 down 49.25 pts or -0.66% at 7380.48 and Euro Stoxx 50 down 44.46 pts or -0.89% at 4931.57.
• Dow Jones mini down 138 pts or -0.33% at 42024, S&P 500 mini down 51 pts or -0.87% at 5814.75, NASDAQ mini down 282.5 pts or -1.34% at 20731.75.

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