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

OUTLOOK
  • On the commodity front, the trend condition in Gold remains bullish and the yellow metal is trading closer to this week’s all-time high. The latest rally maintains the price sequence of higher highs and higher lows and note that moving average studies are in a bull-mode condition, reflecting positive market sentiment. The $2300.0 handle has been pierced. The next objective is $2329.50,the 2.00 projection of the Oct 6 - 27 - Nov 13 price swing. Initial support is at $2197.5, 20-day EMA.
  • In the oil space, a bull theme in WTI futures remains intact and this week’s gains reinforce current conditions. The rally has confirmed a resumption of the uptrend and the contract has traded through $84.87, the Sep 15 ‘23 high, paving the way for a climb towards the $90.00 handle further out. The next objective is $89.08, the 2.00 projection of the Jan 3 - 29 - Feb 5 price swing. On the downside, initial firm support to watch lies at $81.94, the 20-day EMA.

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