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Price Signal Summary - Corrective Pullback In Oil Futures

OUTLOOK
  • On the commodity front, the trend condition in Gold is unchanged and the outlook remains bullish with price trading closer to its recent highs. 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 next objective is $2452.5, the 2.618 projection of the Oct 6 - 27 - Nov 13 price swing. Initial firm support is at $2293.4, the 20-day EMA.
  • In the oil space, a bull theme in WTI futures remains intact, however, yesterday’s move lower signals the start of a short-term bearish corrective cycle. The contract has traded through the 20-day EMA and this signals scope for an extension towards the 50-day EMA, at $81.12. A clear break of the 50-day EMA would signal a stronger bearish theme. On the upside, key resistance and the bull trigger has been defined at $87.67, the Apr 12 high.
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