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Price Signal Summary -Oil Futures Remain Vulnerable

OUTLOOK
  • On the commodity front, the latest pullback in Gold is considered corrective and this is allowing an overbought trend condition to unwind. The next support to watch is $1978.4, the 50-day EMA. It has been pierced. A clear break would signal scope for a deeper retracement and open $1931.7, the Nov 13 low and key support. Initial resistance is at $2041.3, the Dec 5 high. The bull trigger is $2135.4, the Dec 4 all-time high.
  • In the oil space, bearish conditions in WTI futures remain intact and the latest recovery is considered corrective. The contract has recently cleared support at $72.37, the Nov 16 low. The break lower confirms a resumption of the downtrend and note too that moving average studies are in a bear-mode position, highlighting a clear downtrend. Sights are on $67.28 next, the Jun 23 low. Resistance is seen at $74.46 the 20-day EMA.
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Metals bulletEM BulletHomepagemarkets-real-timeCommoditiesEmerging Market NewsEnergy BulletsBulletMarketsFixed Income BulletsForeign Exchange BulletsEnergy Technical Analysis

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