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Price Signal Summary - Oil Futures Have Started The Week On A Bearish Note

OUTLOOK
  • On the commodity front, short-term trend conditions in Gold remain bullish and the latest pullback is considered corrective. Recent gains resulted in the break of $1729.2, the Oct 4 high. This has strengthened the current bullish theme and opens $1800.0 and a key resistance at $1807.9, Aug 10 high. Firm support is seen at $1702.3, the Nov 9 low. First support lies at $1726.4, the 20-day EMA.
  • In the Oil space, WTI futures have started the week on a bearish note. Today’s sell-off has resulted in a break of key support and the bear trigger at $74.96, the Sep 28 low. This confirms a resumption of the broader downtrend and has opened $73.38, 1.00 projection of the Aug 30 - Sep 28 - Nov 7 price swing and the $70.00 psychological handle. Initial resistance is at $79.90, Friday’s high.

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