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Price Signal Summary - Bull Cycle In Oil Futures Remains Intact

OUTLOOK
  • On the commodity front, a short-term correction in {O4} Gold remains in play and the yellow metal has breached resistance at the 50-day EMA - at $1931.5. This strengthens the current bull cycle and signals scope for a stronger recovery. Attention turns to $1948.3, 61.8% of the Jul 20 - Aug 21 bear leg. It has been pierced, a clear break would open $1963.3, the 76.4% retracement. On the downside, initial firm support lies at $1903.9, the Aug 25 low.
  • In the oil space, the uptrend in WTI futures remains intact and yesterday’s gains reinforce this theme. Today’s climb has resulted in a print above key resistance at $84.16, the Aug 10 high. A clear break of this level would be bullish and confirm a resumption of the uptrend. This would open $85.24, a Fibonacci projection. On the downside, initial support to watch is $80.43, the 20-day EMA. A break would signal a short-term top and expose the 50-day EMA at $78.18.
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Metals bulletEM BulletHomepagemarkets-real-timeCommoditiesEmerging Market NewsEnergy BulletsBulletMarketsFixed Income BulletsForeign Exchange BulletsEnergy Technical Analysis

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