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Price Signal Summary - Oil Futures Remain Vulnerable

OUTLOOK
  • On the commodity front, trend conditions in Gold remain bearish and the yellow metal is trading at this week’s lows. Fresh trend lows reinforce current bearish conditions, confirming a resumption of the downtrend and extending the price sequence of lower lows and lower highs. The focus is on $1885.8, the Mar 15 low. Key resistance is $1985.3, the May 24 high. Initial resistance is $1939.8, the 20-day EMA.
  • In the oil space, WTI futures remain in a bear mode condition and the sharp sell-off late last week reinforces this theme. Support at $67.21, the May 31 low, was again pierced yesterday, 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 is trading below resistance at $75.70, the Jun 5 high. A break of this level would signal a reversal. Initial resistance is at $72.72, the Jun 21 high.

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