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Price Signal Summary - Bear Cycle In Oil Futures Remains Intact

OUTLOOK
  • On the commodity front, Gold traded higher last week. The recent move down appears to have been a correction. The yellow metal did manage to pierce support at the 50-day EMA - at $2373.2. A clear break of this average would signal scope for a deeper retracement towards $2277.4, the May 3 low and a key support. For bulls, last week’s gains are constructive. Sights are on $2483.7, the Jul 17 high, and a bull trigger. Clearance of this hurdle resumes the uptrend.
  • In the oil space, a bear threat in WTI futures remains present and the contract has traded lower today as it extends the current downtrend. Sights are on the next key support at $72.23, the Jun 4 low. It has been pierced, a clear break would reinforce bearish conditions and pave the way for an extension towards $70.73, the Feb 5 low. Key resistance is seen at $78.88, the Aug 1 high. Short-term gains would allow an oversold condition to unwind.
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