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Price Signal Summary - Oil Futures Remain Vulnerable

OUTLOOK
  • On the commodity front, Gold has pulled back from last week’s high but remains above the Jan 17 low of $2001.9. Recent short-term gains have improved a bullish condition and a continuation higher would signal scope for a climb towards $2088.5, the Dec 28 high and a key resistance. For bears, a stronger reversal lower would refocus attention on $2001.9 where a break is required to reinstate the recent bearish theme.
  • In the oil space, WTI futures remain soft following last week’s steep sell-off. The move lower undermines the recent bullish theme. A continuation would expose support at $70.62, the Jan 17 low, and $69.56, the Jan 3 low. For bulls, a reversal higher is required to refocus attention on the key short-term resistance at $79.29, Jan 29 high. A break of this level would reinstate a bullish theme. Initial resistance is at $76.95, the Feb 1 high.
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