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Price Signal Summary - Oil Futures Remain Vulnerable

OUTLOOK
  • On the commodity front, the trend condition in {O4} Gold remains bullish and last week’s gains reinforce this set-up. The yellow metal has started this week on a bullish note and pierced resistance at $2009.4, the Nov 7 high. A clear break of this hurdle would confirm a resumption of the uptrend and open $2022.2, the May 15 high. Key support has been defined at $1931.7, the Nov 13 low. A break would signal a reversal. Initial support lies at $1973.9, the 20-day EMA.
  • In the oil space, a bearish theme in WTI futures remains in play and recent gains are considered corrective. Attention is on support at $72.37, the Nov 16 low. A break would confirm a resumption of the downtrend that started late September and maintain a price sequence of lower lows and lower highs. Moving average studies are in a bear-mode position, highlighting a downtrend. Key resistance is unchanged at $79.65, Nov 14 high.
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