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Price Signal Summary - Oil Futures Test Resistance At The 20-day EMA

OUTLOOK
  • On the commodity front, trend signals in Gold remain bullish and Tuesday’s gains have reinforced this condition. The yellow metal traded through resistance at 1810.0 on Tuesday, the Dec 5 high, to confirm a resumption of the uptrend and opens $1842.7, 50.0% retracement of the Mar - Sep bear leg. The yellow metal is trading lower today. Support to watch lies at $1765.9, the Dec 5 low.
  • In the Oil space, trend conditions in WTI futures remain bearish. However, the current bullish corrective cycle remains in play and the contract traded higher yesterday. Price is testing the 20-day EMA, at $77.50. A clear break of this hurdle would signal scope for an extension and open $81.01, the 50-day EMA. On the downside, a reversal lower would refocus attention of the bear trigger which lies at $70.08, the Dec 9 low.
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Metals bulletHomepagemarkets-real-timeCommoditiesEnergy BulletsBulletMarketsFixed Income BulletsForeign Exchange BulletsEnergy Technical Analysis

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