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Price Signal Summary - Bounce In Oil Futures Appears To Be A Correction

OUTLOOK
  • On the commodity front, Gold traded sharply higher Wednesday. This signals a short-term reversal and the end of the recent Dec 4 - 13 corrective pullback. Moving average studies remain in a bull-mode position, highlighting an uptrend. A continuation higher would signal scope for a climb toward key resistance and the Dec 4 all-time high of $2135.4. Initial firm support lies at $1973.2, the Dec 13 low.
  • In the oil space, bearish conditions in WTI futures remain intact. The contract has cleared $68.80, the Dec 7 low, to confirm a resumption of the downtrend. This maintains the price sequence of lower lows and lower highs. The focus is on $67.28, Jun 23 low. Gains are considered corrective. Resistance to watch is $73.30, the 20-day EMA.
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