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Price Signal Summary - Corrective Bear Cycle In Oil

OUTLOOK
  • On the commodity front, Gold started this week’s session on a bearish note and the metal is trading just above this week’s low. The recent sell-off resulted in a break of support at $1901.1 and this was followed by a breach of $1884.9, the Aug 21 low. This confirmed a resumption of the downtrend that started early May. The focus is on $1804.9, the Feb 28 low and a key support. On the upside, firm resistance is at $1890.9, the 20-day EMA.
  • In the oil space, WTI futures started the week on a bearish note and a corrective cycle is in play. The contract has traded through support at $88.19, the Sep 26 low. The breach highlights a short-term top and signals scope for a move towards the 50-day EMA, which intersects at $84.56 today. A clear break of this average would strengthen a bearish condition. On the upside, key short-term resistance has been defined at $95.08, the Sep 28 high.
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Metals bulletEM BulletFixed Income BulletsHomepagemarkets-real-timeCommoditiesEnergy BulletsBulletMarketsEmerging Market NewsForeign Exchange BulletsEnergy Technical Analysis

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