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Price Signal Summary - Oil Futures Are Holding On To This Week's Gains

OUTLOOK
  • On the commodity front, trend conditions in Gold are bearish for now and the yellow metal remains in a corrective cycle. This follows the strong sell-off on Feb 2 / 3 and sights are on the 50-day EMA, at $1855.2. The average represents a key support and if breached, would strengthen a bearish case and suggest scope for a deeper pullback. On the upside, key resistance and the bull trigger, is at $1959.7, the Feb 2 high.
  • In the Oil space, WTI futures are holding on to this week’s gains. The contract has pierced resistance at the 50-day EMA - at $78.34. A clear break of this hurdle would strengthen this week’s recovery and open $80.22, the 76.4% retracement of the Jan 18 - Feb 6 bear leg. Clearance of $80.22 would expose the key resistance at $82.66, the Jan 18 high. On the downside, a break of $72.25, the Feb 6 low, would reinstate a bearish theme. Initial support is at $74.35, the Feb 7 low.
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Metals bulletHomepagemarkets-real-timeCommoditiesEnergy BulletsBulletMarketsFixed Income BulletsForeign Exchange BulletsEnergy Technical Analysis

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