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Price Signal Summary - Oil Futures Appear Vulnerable

OUTLOOK
  • On the commodity front, the Gold outlook remains bullish following last week’s strong rally. Today’s gains have reinforced a bullish theme. Recent gains have resulted in a break of $1729.5, the Oct 4 high. This paves the way for a climb towards the $1800.0 handle and resistance at $1807.9, the Aug 10 high. On the downside, initial firm support is seen at $1702.3, the Nov 9 low.
  • In the Oil space, the pullback in WTI futures early last week continues to highlight a bearish threat. A bearish shooting star candle on Nov 7 was followed by a bearish engulfing candle the following day - a strong reveral signal. This week’s move reinforces the candle patterns. A continuation lower would open $81.30, Oct 18 low. On the upside, key short-term resistance is at $93.74, Nov 7 high. Initial resistance is at $90.10, the Nov 11 high.
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Metals bulletHomepagemarkets-real-timeCommoditiesEnergy BulletsBulletMarketsFixed Income BulletsForeign Exchange BulletsEnergy Technical Analysis

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