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Price Signal Summary - Bear Cycle In Oil Futures Remains In Play

OUTLOOK
  • On the commodity front, the trend condition in Gold remains bullish. Moving average studies are in a bull-mode set-up, highlighting a rising trend cycle. A stronger resumption of gains would open $2022.20, May 15 high. The bull trigger is at $2009.4, the Oct 27 high. Note that support at the 50-day EMA, at $1941.8, has been pierced. A clear break of this average would undermine the bullish theme and expose $1908.3, Oct 16 low.
  • In the oil space, a bearish theme in WTI futures remains in play and yesterday’s impulsive move lower reinforces current conditions. The break marks an extension of the downtrend that started late September and maintains the price sequence of lower lows and lower highs. Moving average studies are in a bear-mode position, highlighting bearish market sentiment. The focus is on 70.96, 76.4% of the May 4 - Sep 28 bull run. Key resistance is at $79.365, the Nov 14 high.
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