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Price Signal Summary - Oil Futures Remain Below Resistance At The 20-Day EMA

OUTLOOK
  • On the commodity front, trend signals in {O4} Gold remains bullish despite Thursday’s sell-off. Pullbacks are considered corrective and key short-term support to watch is $1765.9, Dec 5 low. The uptrend remains intact and scope is seen for gains towards $1842.7, 50.0% retracement of the Mar - Sep bear leg.
  • In the Oil space, recent gains in WTI futures have highlighted a bullish corrective cycle and this resulted in a test of the 20-day EMA, at $77.50. A clear break of this hurdle would signal scope for an extension and open $80.82, the 50-day EMA. On the downside, a stronger reversal lower would refocus attention on the bear trigger which lies at $70.08, the Dec 9 low.
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