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Price Signal Summary - Oil Futures Still Appear Bullish

OUTLOOK
  • On the commodity front, Gold remains in a downtrend and recent gains are considered corrective. A bearish theme follows the reversal from $1729.5, the Oct 4 high. Note too that moving average studies are in a bear mode position and this highlights a downtrend. A resumption of weakness would refocus attention on key support and the bear trigger at $1615.0, the Sep 28 low. Key resistance is at $1684.4, the 50-day EMA.
  • In the Oil space, the WTI futures outlook remains positive. The contract has defined a key short-term support at $81.30, Oct 18 low. Resistance at $88.66, the Oct 12 high, has been cleared and this opens $92.34, the Oct 10 high and a key resistance. On the downside, a move through support at $81.30 is required to undermine the bull theme. Initial support is at $85.30, Monday’s low.
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