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Price Signal Summary - Oil Futures Remain Vulnerable

OUTLOOK
  • On the commodity front, the trend condition in Gold remains bullish, however, the yellow metal has entered a short-term corrective cycle. Price has breached initial firm support at $1987.3, the 20-day EMA, highlighting potential for a deeper retracement. This has opened $1949.7, Apr 3 low. Key short-term resistance has been defined at $2048.7, the Apr 5 high. A break of this level would confirm a resumption of the uptrend.
  • In the oil space, WTI futures are trading lower this week. This has resulted in a breach of support at $79.04, the Apr 3 low and the gap high on the daily chart. The continuation lower has also resulted in a break of both the 20- and 50-day EMAs. This signals scope for a move to $75.83, the Mar 31 high and the gap low on the daily chart. On the upside, key short-term resistance has been defined at $83.38, the Apr 12 high. A break would resume the recent uptrend. Initial resistance is seen at $81.24, the Apr 19 high.
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