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MNI DAILY TECHNICAL ANALYSIS - WTI Remains in Corrective Cycle

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Price Signal Summary – WTI Remains in Corrective Cycle

  • The S&P E-Minis contract is trading above Monday’s low. Key short-term support to watch lies at 5961.75, the Jan 16 low (pierced). For now, the recent sharp pullback appears corrective, however, a clear breach of 5961.75 would strengthen a bearish threat. A bull cycle in the Eurostoxx 50 futures contract remains intact and the move down from the Jan 24 high, appears to have been a correction. A deeper retracement would allow an overbought trend condition to unwind.                
  • A bull cycle in GBPUSD remains in play and the pair is trading just below its recent highs. The 20-day EMA has been cleared and sights are on the 50-day EMA, at 1.2514 and an important resistance. The primary trend condition in USDJPY remains bullish. However, Monday’s move down highlights a stronger bear threat. The pair has breached the 50-day EMA and a trendline drawn from the Sep 16 ‘24 low. The medium-term bear trend condition in AUDUSD remains intact and the pair remains below the 50-day EMA, at 0.6319. The reversal lower from last week’s high suggests the possible end of the correction between Jan 13 - 24.  
  • Gold continues to trade closer to its recent highs. A bull cycle is in play and the recent breach of resistance at $2726.2, the Dec 12 high, reinforces current conditions. Sights are on $2790.1, the Oct 31 all-time high. This week’s move down in WTI futures marks an extension of the current corrective cycle. The 20-day EMA has been breached and attention turns to support around the 50-day EMA, at $72.23. A clear break of the 50-day average would suggest scope for a deeper retracement.
  • Bund futures continue to trade below their recent highs. The pullback appears corrective and a short-term bull cycle is in play. The Jan 15 rally highlighted a reversal signal - a bullish engulfing candle. The medium-term trend condition in Gilt futures remains bearish. However, recent gains continue to highlight a corrective phase and signal scope for a continuation higher near-term.

FOREIGN EXCHANGE    

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image

Price Signal Summary – WTI Remains in Corrective Cycle

  • The S&P E-Minis contract is trading above Monday’s low. Key short-term support to watch lies at 5961.75, the Jan 16 low (pierced). For now, the recent sharp pullback appears corrective, however, a clear breach of 5961.75 would strengthen a bearish threat. A bull cycle in the Eurostoxx 50 futures contract remains intact and the move down from the Jan 24 high, appears to have been a correction. A deeper retracement would allow an overbought trend condition to unwind.                
  • A bull cycle in GBPUSD remains in play and the pair is trading just below its recent highs. The 20-day EMA has been cleared and sights are on the 50-day EMA, at 1.2514 and an important resistance. The primary trend condition in USDJPY remains bullish. However, Monday’s move down highlights a stronger bear threat. The pair has breached the 50-day EMA and a trendline drawn from the Sep 16 ‘24 low. The medium-term bear trend condition in AUDUSD remains intact and the pair remains below the 50-day EMA, at 0.6319. The reversal lower from last week’s high suggests the possible end of the correction between Jan 13 - 24.  
  • Gold continues to trade closer to its recent highs. A bull cycle is in play and the recent breach of resistance at $2726.2, the Dec 12 high, reinforces current conditions. Sights are on $2790.1, the Oct 31 all-time high. This week’s move down in WTI futures marks an extension of the current corrective cycle. The 20-day EMA has been breached and attention turns to support around the 50-day EMA, at $72.23. A clear break of the 50-day average would suggest scope for a deeper retracement.
  • Bund futures continue to trade below their recent highs. The pullback appears corrective and a short-term bull cycle is in play. The Jan 15 rally highlighted a reversal signal - a bullish engulfing candle. The medium-term trend condition in Gilt futures remains bearish. However, recent gains continue to highlight a corrective phase and signal scope for a continuation higher near-term.

FOREIGN EXCHANGE    

Keep reading...Show less