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Price Signal Summary - Trend Outlook In Oil Futures Remains Bullish

OUTLOOK
  • On the commodity front, Gold conditions are unchanged - the metal remains firm and is holding on to the bulk of its recent gains. Price has breached key resistance at $1953.0, the Sep 1 high, and $1987.5, the Jul 20 high. The break strengthens a bullish theme and opens $2003.4, 76.4% of the May 4 - Oct 6 bear leg. Initial firm pivot support lies at $1915.3, the 50-day EMA. Clearance of this level is required to signal a short-term top and a potential reversal.
  • In the oil space, WTI futures have traded lower this week as the pullback from $89.85, the Oct 20 high, extends. The medium-term trend condition is bullish and the recent move lower appears to be a correction. A resumption of gains would expose the bull trigger at $92.48, the Sep 28 high. Clearance of this hurdle would confirm a resumption of the uptrend. For bears, a move through $80.20, the Oct 6 low, would instead highlight a short-term top.
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Metals bulletEM BulletHomepagemarkets-real-timeCommoditiesEmerging Market NewsEnergy BulletsBulletMarketsFixed Income BulletsForeign Exchange BulletsEnergy Technical Analysis

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