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OUTLOOK: Price Signal Summary - Bear Cycle In Oil Futures Remains Intact

OUTLOOK
  • On the commodity front, the trend in Gold is unchanged and the primary direction remains up. Moving average studies are in a bull-mode set-up and this continues to highlight a dominant uptrend. Furthermore, a bullish price sequence of higher highs and higher lows remains intact. Sights are on $2536.4 next, a 1.50 projection of the Jul 25 - Aug 2 - Aug 5 price swing. The 20-day EMA has recently been pierced. The next firm support to watch is $2446.0, the 50-day EMA. S/T weakness is considered corrective.
  • In the oil space, WTI futures maintain a softer tone and last week’s impulsive sell-off reinforces the bear theme. The move lower resulted in a breach of key support at $70.88, the Aug 5 low. The clear break of this level confirms a resumption of the downtrend that started Apr 12 and opens $66.66, a 1.382 projection of the Apr 12 - Jun 4 - Jul 5 price swing. MA studies are in a bear-mode position highlighting a clear downtrend. Initial firm resistance is at $73.09, the 20-day EMA.
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