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Price Signal Summary -Impulsive Sell-Off In Oil Futures Extends

OUTLOOK
  • On the commodity front, Gold remains in an uptrend and recent weakness appears to have been a correction. Recent highs reinforce a bullish theme - price has breached $1786.5, the Nov 15 high and a bull trigger. $1800.0 has also been cleared and sights are on resistance at $1807.9, Aug 10 high that was pierced on Monday. A clear break would be bullish. Initial support is at $1758.0, the 20-day EMA.
  • In the Oil space, WTI remains vulnerable and the impulsive sell-off this week reinforces a bearish theme. The focus is on a move towards the psychological $70.00 handle. Key resistance is at $82.17, the 50-day EMA. Initial resistance is at the 20-day EMA, at $78.99.

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