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

OUTLOOK
  • On the commodity front, Gold traded higher last Wednesday from the session high. The yellow metal maintains a bearish theme and this week’s move lower reinforces this. Attention is on $1901.1, the Sep 14 low. This level marks a key near-term support and a breach would strengthen a bearish theme and expose $1884.9, the Aug 21 low. Resistance is at $1947.5, the Sep 20 high.
  • In the oil space, the uptrend in WTI futures is intact, however, the contract has entered a short-term bearish corrective cycle. Today’s move lower reinforces this theme. Note that the trend condition is overbought and a move lower would allow this to unwind. The first key support to watch lies at $87.17, the 20-day EMA and is a potential short-term objective. On the upside, clearance of $92.43, the Sep 19 high, would confirm a resumption of the uptrend.
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