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Price Signal Summary - Oil Bears Remain In The Driver's Seat

OUTLOOK
  • On the commodity front, the latest pullback in Gold is considered corrective and this is allowing an overbought trend condition to unwind. Attention is on $1978.4, the 50-day EMA. It has been pierced. A clear break would signal scope for a deeper retracement and open $1931.7, the Nov 13 low and a key support. Last week’s early gains reinforce the primary bullish condition. Initial firm resistance is at $2041.3, the Dec 5 high. The bull trigger is $2135.4, the Dec 4 all-time high.
  • In the oil space, bearish conditions in WTI futures remain intact and Tuesday’s sell-off has reinforced this condition. The contract has cleared $68.80, the Dec 7 low, to confirm a resumption of the downtrend. This maintains the price sequence of lower lows and lower highs and note that moving average studies are in a bear-mode position, highlighting a downtrend. The focus is on $67.28, the Jun 23 low. Key short-term resistance is at $71.96, the Dec 12 high.
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