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Price Signal Summary - Trend Signals In Oil Futures Remain Bearish

OUTLOOK
  • On the commodity front, Gold has pulled back from its most recent highs and the yellow metal traded lower yesterday. The 50-day EMA has been cleared and support at $2013.4, the Jan 11 low, has also been breached. This strengthens a bearish threat and exposes a key level at $1973.2, the Dec 13 low. For bulls, clearance of 2062.3, the Jan 12 high, is required to signal a reversal. This would expose $2088.5, the Dec 28 high.
  • In the oil space, trend signals in WTI futures remain bearish and the pullback from last Friday’s high reinforces this theme. Resistance to watch is $74.29, the 50-day EMA. It has recently been pierced, a clear break would strengthen a bullish theme and expose $76.18, the Dec 26 high. Moving average studies remain in a bear-mode position and continue to highlight a downtrend. The trigger for a resumption of the downtrend is $67.98, Dec 13 low.
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