May 21, 2024 10:44 GMT
Price Signal Summary - Trend Condition In Oil Futures Remains Bearish
OUTLOOK
- On the commodity front, the medium-term trend structure in Gold remains bullish. Yesterday’s initial gains resulted in a print above resistance at $2431.5, the Apr 12 high and bull trigger. The break confirms a resumption of the primary uptrend and paves the way for a climb towards 2452.5 next, 2.618 projection of the Oct 6 - 27 - Nov 13 price swing. On the downside, the 50-day EMA, at $2288.7, represents a key support. A clear break of it would be bearish. Initial support lies at $2351.4, the 20-day EMA.
- In the oil space, despite the latest move higher, a bearish theme in WTI futures remains intact and short-term gains are considered corrective. Price has recently traded below the 50-day EMA, strengthening a bearish set-up that highlights potential for a deeper correction. Scope is seen for a move to $76.07, the Mar 11 low. Initial firm resistance to watch is at $84.46, the Apr 26 high. First resistance is at $80.90, the May 1 high.
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