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Price Signal Summary - Oil Futures Remain Vulnerable

OUTLOOK
  • On the commodity front, the Dec 13 reversal in Gold and the subsequent move higher points to the end of the Dec 4 - 13 corrective pullback. This week’s move also highlights a bullish theme and note that moving average studies are in a bull-mode position too, reflecting an uptrend. A continuation higher has opened $2097.1, 76.4% of the Dec 4 - 13 bear leg, ahead of key resistance and the Dec 4 all-time high of $2135.4. Key support lies at $1973.2, the Dec 13 low. Initial support is at $2034.6, the 20-day EMA.
  • In the oil space, bearish conditions in WTI futures remain intact and recent gains appear to be a correction. Resistance to watch is $75.64, the 50-day EMA. The average was pierced on Tuesday. A clear break of it would strengthen a bullish theme and highlight a stronger reversal. For bears, moving average studies are in a bear-mode position, highlighting a downtrend. The trigger for a resumption of the downtrend lies at $67.98, the Dec 13 low.
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