Free Trial

OUTLOOK: Price Signal Summary - WTI Gains Considered Corrective

OUTLOOK
  • On the commodity front, Gold continues to trade inside a range but remains closer to its recent highs. The trend condition is unchanged and the primary direction remains up. 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 $2453.4, the 50-day EMA.
  • In the oil space, WTI futures remain in a bearish condition, despite the latest bounce. Tuesday’s strong sell-off reinforces current conditions and confirmed an extension of the bear cycle. A continuation lower would open $63.93 next, 1.618 projection of the Apr 12 - Jun 4 - Jul 5 price swing, ahead of the psychological $60.00 handle. Short-term gains are considered corrective. Firm resistance is at $71.56, the 20-day EMA.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.