Free Trial

Price Signal Summary - Oil Futures Clear Resistance And Resume Their Uptrend

OUTLOOK
  • On the commodity front, Gold conditions remain bullish for now and the latest pullback is considered corrective. Last week’s print above $1985.3, the May 24 high, reinforces current conditions. A resumption of gains would pave the way for a climb towards $1998.1, a Fibonacci retracement point. The yellow metal remains above support at the 50-day EMA, which intersects at $1949.8. This average represents an important short-term level.
  • In the oil space, the uptrend in WTI futures remains intact and yesterday's rally confirmed a resumption of the bull cycle. The break above $77.15, the Jul 13 high, signals scope for a climb towards the next key resistance at $81.44, the high on Apr 12 / 13. Moving average studies are in a bull-mode position, reinforcing current conditions. Key short-term support has been defined at $73.78, the Jul 17 low.

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.