March 28, 2024 11:51 GMT
Price Signal Summary - Uptrend In Oil Futures Remains Intact
OUTLOOK
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- On the commodity front, the trend condition in Gold remains bullish and the yellow metal is trading closer to its recent highs. The initial rally on Mar 21 delivered another all-time high and confirmed a resumption of the primary uptrend. Moving average studies are in a bull-mode condition, reflecting positive market sentiment. This signals scope for a climb towards $2230.1, a 1.50 projection of the Oct 6 - 27 - Nov 13 price swing. Key short-term trend support has been defined at $2146.2, the Mar 18 low.
- In the oil space, a bull theme in WTI futures remains intact and the latest pullback is considered corrective. Recent gains resulted in a break of $79.87, the Mar 1 high. The move higher confirms a resumption of the uptrend that has been in place since mid-December last year. Sights are on $83.87 next, the Oct 20 ‘23 high. A break of this level would open $84.87, the Sep 15 ‘23 high and a key resistance. Support to watch is $79.97, the 20-day EMA.
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