Free Trial

Price Signal Summary - Oil Gains Considered Corrective

OUTLOOK
  • Gold remains in a downtrend and Wednesday’s bounce is considered corrective. Fresh trend lows this week confirm a resumption of the downtrend and this opens $1610.5, the 1.00 projection of the Jun 13 - Jul 21 - Aug 10 swing.
  • In the Oil space, a bearish threat in WTI futures remains present and the recovery from Monday’s low is considered corrective. The recent break of support at $84.25, the Jul 14 low, confirmed a resumption of the downtrend that started Jun 8. Attention is on $76.11, 1.618 projection of the Jul 29 - Aug 16 - 30 price swing.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.