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Price Signal Summary - Oil Futures Head South

OUTLOOK
  • On the commodity front, the bear cycle in Gold remains intact and the yellow metal has traded lower today. Trendline support was breached last week - the line is drawn from the Nov 3 2022 low and the break reinforces a bearish condition. Furthermore, this week's move lower marks a resumption of the downtrend. The focus is on $1903.5, 61.8% of the Feb 28 - May 4 bull cycle. Key resistance is $1985.3, the May 24 high. Initial resistance is at $1951.7, the 20-day EMA.
  • In the oil space, WTI futures remain bearish and yesterday’s sharp sell-off, and today’s follow through, reinforces this condition. Support at $67.21, May 31 low, has recently been pierced, a clear break would open $64.41, the May 4 low. Moving average studies are in a bear mode position highlighting a downtrend. The contract remains below key resistance at $75.70, the Jun 5 high. A break of this level would signal a reversal. First resistance is at $72.72, the Jun 21 high.
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