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Price Signal Summary - Oil Futures Bull Cycle Intact

  • On the commodity front, a downtrend in Gold remains intact and today’s gains are considered corrective. A bearish outlook follows the reversal from $1729.5, Oct 4 high. Attention is on the key support and bear trigger at $1615.0, Sep 28 low. A break would open $1610.5, the 1.00 projection of the Jun 13 - Jul 21 - Aug 10 swing. On the upside, firm resistance is at $1679.1, the 50-day EMA.
  • In the Oil space, WTI futures are trading higher today. The outlook is bullish and the continued recovery from Monday’s low reinforces this theme. Key short-term support lies at $81.30, Oct 18 low. The contract has recently cleared resistance at $88.66, the Oct 12 high. The break of this hurdle signals scope for a climb towards $92.34, the Oct 10 high and a key resistance. On the downside, initial firm support lies at $85.30, the Oct 31 low.

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