Free Trial

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

OUTLOOK
  • On the commodity front, a bear cycle in Gold remains in play and the yellow metal traded lower earlier today. The medium-term trend structure is bullish and the recent move down appears to be a correction that is allowing an overbought condition to unwind. MA studies are in a bull-mode position, highlighting an uptrend. A resumption of gains would open $2452.5 next, the 2.618 projection of the Oct 6 - 27 - Nov 13 price swing. The 50-day EMA, at $2307.8, represents a key support.
  • In the oil space, WTI futures have pulled back from last Wednesday’s high of $80.62. The trend direction is unchanged and remains down. The latest recovery appears to have been a correction. A continuation lower would signal scope for a move towards $75.64, the Mar 11 low. On the upside, initial firm resistance to watch is at $80.62, the May 29 high.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.