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MNI DAILY TECHNICAL ANALYSIS - Bearish Threat Remains for WTI

Story

Price Signal Summary – Bearish Threat Remains for WTI

  • The S&P E-Minis contract maintains a bullish tone and price traded higher yesterday. This confirms a resumption of the uptrend and signals scope for a continuation near-term. Note that moving average studies are in a bull-mode set-up. Eurostoxx 50 futures have traded higher this week and the contract is holding on to its latest gains. The move higher undermines a recent bearish theme. Price has traded through the 50-day EMA, at 4868.67. The clear breach of this average strengthens a bullish theme.
  • EURUSD traded higher Thursday and is testing initial firm resistance at 1.0583, the 20-day EMA. Clearance of this average would signal scope for a stronger corrective recovery and highlight potential for a climb towards 1.0716, the 50-day EMA. A bear cycle in USDJPY remains intact. The pair traded to a fresh short-term  trend low on Tuesday, confirming a resumption of the retracement of the Sep 16 - Nov 15 rally. Price has recently traded through the 20- and 50-day EMAs - a bearish development. The trend condition in USDCAD remains bullish and the Nov 25 cycle high reinforces this theme. The break higher confirmed a resumption of the primary uptrend and marked an extension of the bullish price sequence of higher highs and higher lows.                 
  • Gold continues to trade inside a range, for now. The long-term trend condition remains bullish and the Oct 31 - Nov 14 bear leg appears to have been a correction. Moving average studies are in a bull-mode position, highlighting a dominant uptrend. A bearish threat in WTI futures remains present and the Nov 25 move lower reinforces this theme. A resumption of bearish price action would open $65.74, the Oct 1 low, and $63.90, the Sep 10 low and key support.
  • Despite the latest pullback, a bull cycle in Bund futures remains in play and the move lower is considered corrective. A move lower is allowing an overbought trend condition to unwind. Price has recently traded through 136.37, the 76.4% retracement of the Oct 1 - Nov 6 bear leg. A bullish corrective cycle in Gilt futures remains in play and recent gains reinforce the current short-term condition. Sights are on 96.67 next, a Fibonacci projection point. On the downside, a stronger reversal lower would refocus attention on the initial key support at 93.40. 

FOREIGN EXCHANGE    

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Price Signal Summary – Bearish Threat Remains for WTI

  • The S&P E-Minis contract maintains a bullish tone and price traded higher yesterday. This confirms a resumption of the uptrend and signals scope for a continuation near-term. Note that moving average studies are in a bull-mode set-up. Eurostoxx 50 futures have traded higher this week and the contract is holding on to its latest gains. The move higher undermines a recent bearish theme. Price has traded through the 50-day EMA, at 4868.67. The clear breach of this average strengthens a bullish theme.
  • EURUSD traded higher Thursday and is testing initial firm resistance at 1.0583, the 20-day EMA. Clearance of this average would signal scope for a stronger corrective recovery and highlight potential for a climb towards 1.0716, the 50-day EMA. A bear cycle in USDJPY remains intact. The pair traded to a fresh short-term  trend low on Tuesday, confirming a resumption of the retracement of the Sep 16 - Nov 15 rally. Price has recently traded through the 20- and 50-day EMAs - a bearish development. The trend condition in USDCAD remains bullish and the Nov 25 cycle high reinforces this theme. The break higher confirmed a resumption of the primary uptrend and marked an extension of the bullish price sequence of higher highs and higher lows.                 
  • Gold continues to trade inside a range, for now. The long-term trend condition remains bullish and the Oct 31 - Nov 14 bear leg appears to have been a correction. Moving average studies are in a bull-mode position, highlighting a dominant uptrend. A bearish threat in WTI futures remains present and the Nov 25 move lower reinforces this theme. A resumption of bearish price action would open $65.74, the Oct 1 low, and $63.90, the Sep 10 low and key support.
  • Despite the latest pullback, a bull cycle in Bund futures remains in play and the move lower is considered corrective. A move lower is allowing an overbought trend condition to unwind. Price has recently traded through 136.37, the 76.4% retracement of the Oct 1 - Nov 6 bear leg. A bullish corrective cycle in Gilt futures remains in play and recent gains reinforce the current short-term condition. Sights are on 96.67 next, a Fibonacci projection point. On the downside, a stronger reversal lower would refocus attention on the initial key support at 93.40. 

FOREIGN EXCHANGE    

Keep reading...Show less