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Price Signal Summary - Bearish Candle Patterns In WTI Highlights A Short-Term Reversal

OUTLOOK
  • On the commodity front, Gold is holding on to this week’s gains and remains bullish following the rally from $1616.7, the Nov 3 low. Attention is on resistance at $1729.5, the Oct 4 high and a bull trigger. A break of this level would strengthen bullish conditions and open $1745.6, the Aug 29 high. On the downside, support is at $1667.0, the 20-day EMA.
- In the {7I} Oil space, the latest pullback in WTI futures undermines the recent bullish theme and suggests scope for a continuation lower near-term. A bearish shooting star candle Monday was followed by a bearish engulfing candle formation on Tuesday. These patterns highlight a short-term reversal. A continuation lower would open $81.30, the Oct 18 low. On the upside, key short-term resistance has been defined at $93.74, the Nov 7 high.
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  • On the commodity front, Gold is holding on to this week’s gains and remains bullish following the rally from $1616.7, the Nov 3 low. Attention is on resistance at $1729.5, the Oct 4 high and a bull trigger. A break of this level would strengthen bullish conditions and open $1745.6, the Aug 29 high. On the downside, support is at $1667.0, the 20-day EMA.
- In the {7I} Oil space, the latest pullback in WTI futures undermines the recent bullish theme and suggests scope for a continuation lower near-term. A bearish shooting star candle Monday was followed by a bearish engulfing candle formation on Tuesday. These patterns highlight a short-term reversal. A continuation lower would open $81.30, the Oct 18 low. On the upside, key short-term resistance has been defined at $93.74, the Nov 7 high.