September 19, 2024 11:07 GMT
OUTLOOK: Price Signal Summary - WTI Trades Through The 20-Day EMA
OUTLOOK
- On the commodity front, a bullish structure in Gold remains intact and the metal traded, once again, to a fresh all-time high, yesterday. Last week’s gains confirmed a resumption of the primary uptrend and marked the end of the recent period of consolidation - a pause in the uptrend. The focus is on $2613.3 next, a 2.00 projection of the Jul 25 - Aug 2 - Aug 5 price swing. Firm support lies at $2542.3, the 20-day EMA.
- In the oil space, the move higher since Sep 9 in WTI futures are trading higher today. The recovery since Sep 9, appears - for now - to be a correction. Recent weakness reinforced a bearish condition and note that moving average studies are in a bear-mode set-up, highlighting a dominant downtrend. A resumption of the downtrend would open $63.89 next, a 1.618 projection of the Apr 12 - Jun 4 - Jul 5 price swing. The 20-day EMA, at $70.09, has been pierced. A clear break of it would open $72.58, the 50-day EMA.
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