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Price Signal Summary - Pullback In WTI Appears To Be A Correction

OUTLOOK
  • On the commodity front, the recent strong reversal in Gold signals the end of the recovery between Sep 28 - Oct 4 and note that price has moved below the trendline resistance drawn from the Mar 8 high. A continuation lower would expose the key support at $1615.0, the Sep 28 low.
  • In the Oil space, WTI futures traded higher last week and cleared both the 20- and 50 EMAs, strengthening a bullish theme. Attention is on $96.82, the Aug 30 high. Initial firm support lies at $87.61, the 50-day EMA. The pullback this week is considered corrective - for now.

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