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Price Signal Summary - Oil Futures Head South

OUTLOOK
  • On the commodity front, the trend condition in Gold is bullish and Monday’s initial gains reinforce this theme. The precious metal touched a fresh all-time high of $2135.4 and this signals potential for a climb towards 2177.6, the 1.236 projection of the Oct 6 - 27 - Nov 13 price swing. Price has since retraced and is trading closer to this week’s low, so far. A short-term pullback is considered corrective - for now. Initial support is $2005.6, the 20-day EMA.
  • In the oil space, the trend outlook in WTI futures remains bearish and the move lower from last Thursday’s high, reinforces this set-up. The bear trigger at $72.37, the Nov 16 low, has been breached. This confirms a resumption of the downtrend and opens $70.96, the 76.4% retracement of the May 4 - Sep 28 bull run. Resistance to watch is $79.65, the Nov 14 high. A breach of this hurdle would strengthen any developing bullish threat and open $83.20, the Nov 3 high.
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Metals bulletEM BulletHomepagemarkets-real-timeCommoditiesEmerging Market NewsEnergy BulletsBulletMarketsFixed Income BulletsForeign Exchange BulletsEnergy Technical Analysis

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