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Price Signal Summary - Corrective Cycle In WTI Still In Play

OUTLOOK
  • On the commodity front, Gold traded higher last Wednesday but quickly pulled back from the session high. The recent breach of the 50-day EMA does highlight a possible developing bullish threat. Key resistance is at $1953.0, the Sep 1 high where a break is required to confirm a bullish theme. $1901.1, the Sep 14 low, marks a key near-term support. A breach of this level would strengthen a bearish theme and expose $1884.9, the Aug 21 low.
  • In the oil space, the uptrend in WTI futures is intact, however, the contract remains in a short-term bearish corrective cycle. The trend condition is overbought and a move lower would allow this to unwind. The first key support is at $86.90, 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 and open $93.31, the 1.00 projection of the Jun 28 - Aug 10 - 24 price swing.
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