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Price Signal Summary - Oil Futures Head South

OUTLOOK
  • On the commodity front, Gold remains in an uptrend and Monday’s retracement appears to be a correction. Last week’s gains reinforce a bullish theme and price has breached $1786.5, the Nov 15 high and a bull trigger. $1800.0 has also been cleared and sights are on resistance at $1807.9, Aug 10 high (pierced yesterday). A clear break would be bullish. Initial support is at $1751.5, the 20-day EMA.
  • In the Oil space, WTI remains offered and the move lower reinforces a bearish theme. A continuation would signal scope for a move towards the psychological $70.00 handle. Key resistance is at $83.04, the 50-day EMA.
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