Free Trial

Price Signal Summary - Oil Futures Remain Vulnerable

OUTLOOK
  • On the commodity front, the trend condition in Gold is bullish and the yellow metal continues to trade higher, extending the current uptrend. The move higher maintains the positive price sequence of higher highs and higher lows. The focus is on $1896.5, 61.8% of the Mar - Sep bear leg. On the downside, support to watch lies at $1825.2, Jan 5 low.
  • In the Oil space, the WTI futures outlook is bearish following the sell-off on Jan 3 and 4. Key support and the bear trigger lies at $70.31, the Dec 9 low. A break of this level would confirm a resumption of the downtrend. This would open $68.19,the 1.236 projection of the Aug 30 - Sep 28 - Nov 7 price swing. On the upside, key resistance is at $81.50, the Jan 3 high. Initial resistance is at $76.37, the 20-day EMA.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.