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Price Signal Summary - Oil Futures Remain Vulnerable

OUTLOOK
  • On the commodity front, a bearish theme in Gold remains intact and the metal is trading just above this week’s low. The recent sell-off resulted in a break of support at $1901.1 and this was followed by a breach of $1884.9, the Aug 21 low. This confirmed a resumption of the downtrend that started early May. The focus is on $1804.9, the Feb 28 low and a key support. On the upside, firm resistance is at $1878.2, the 20-day EMA.
  • In the oil space, WTI futures traded lower again yesterday. This week’s bearish price action has resulted in a break of support at $88.19, the Sep 26 low. The contract has also cleared support at the 50-day EMA, at $84.46. This signals scope for a deeper retracement towards the $80.00 handle and $79.57, 50.0% of the May 4 - Sep 28 bull run. Initial firm resistance is at $87.71, the 20-day EMA. A break would signal a possible reversal.
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