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Price Signal Summary - Oil Futures Head South

OUTLOOK
  • On the commodity front, Gold traded higher Tuesday. For now, the yellow metal remains in a short-term bearish corrective cycle. Price has recently pierced support at $1990.5, the 20-day EMA, highlighting potential for a deeper retracement. A move lower would open $1955.2, the 50-day EMA. For bulls, key short-term resistance has been defined at $2048.7, the Apr 5 high. A break would confirm a resumption of the uptrend.
  • In the oil space, WTI futures remain in a downtrend and yesterday’s sharp sell-off reinforces this theme. The contract has cleared a number of retracement levels and this signals scope for weakness towards $69.02, the 76.4% retracement of the Mar 20 - Apr 12 rally. On the upside a key short-term resistance has been defined at $76.92, the Apr 28 high where a break would ease bearish pressure and potentially highlight a reversal.
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Metals bulletEM BulletHomepagemarkets-real-timeCommoditiesEmerging Market NewsEnergy BulletsBulletMarketsFixed Income BulletsForeign Exchange BulletsEnergy Technical Analysis

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