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Price Signal Summary - Oil Futures Remain Vulnerable

OUTLOOK
  • On the commodity front, the trend condition in Gold remains bullish and last week’s gains reinforce this set-up. The yellow metal has started this week on a bullish note too and traded through 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 is at $1931.7, the Nov 13 low. A break would signal a reversal. Initial support lies at $1977.8, the 20-day EMA.
  • In the oil space, the trend outlook in WTI futures is unchanged and remains bearish. 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, the Nov 14 high.
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