September 18, 2023 10:19 GMT
Price Signal Summary - Uptrend In Oil Remains Intact
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- On the commodity front, Gold has recovered from last week’s $1901.1 low on Sep 14. A break of this level would strengthen a bearish theme and highlight the fact that the recovery between Aug 21 - Sep 1 has been a correction. This would expose $1884.9, Aug 21 low. On the upside, initial firm resistance is seen at $1927.9, the 50-day EMA. The average has been pierced, a cleared break would be a bullish development and open key resistance at $1953.0, the Sep 1 high.
- In the oil space, the uptrend in WTI futures remains intact and the contract is trading higher today. Last week’s gains confirm a resumption of the uptrend and maintain the bullish price sequence of higher highs and higher lows. Note too that moving average studies are in a bull-mode position, highlighting a rising trend. The $90.00 handle has been cleared, this opens $92.17 next, the Nov 8 2022 high (cont). Initial firm support to watch is $85.46, the 20-day EMA.