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Price Signal Summary - Oil Futures Remain Vulnerable

OUTLOOK
  • On the commodity front, the latest pullback in Gold appears to be a correction - for now - and the trend condition remains bullish. Moving average studies are in a bull-mode set-up, highlighting a rising trend. A resumption of gains would open $2022.20 next, the May 15 high. Initial firm pivot support lies at $1938.1, the 50-day EMA. Clearance of this level is required to signal a short-term top and the potential for a deeper retracement.
  • In the oil space, a bearish theme in WTI futures remains in play and the contract has traded sharply lower this week. The move down has resulted in a break of support at $80.20, the Oct 6 low. The breach highlights a stronger short-term reversal and a continuation lower would pave the way for a move towards $74.26, the 76.4% retracement of the May 4 - Sep 28 bull run. On the upside, initial firm resistance has been defined at $83.60.
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