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Price Signal Summary - WTI Bear Cycle Remains In Play

OUTLOOK
  • On the commodity front, Gold traded lower Tuesday and breached initial support at $2291.6, the Apr 23 low. The precious metal has also traded through the 20-day EMA and this highlights a corrective cycle. A continuation lower would signal scope for an extension towards $2242.7, the 50-day EMA. Note that a short-term bear cycle is allowing significant overbought condition to unwind. Key resistance and the bull trigger is at $2431.5, the recent Apr 12 high. Initial resistance is at $2352.6, the Apr 16 high.
  • In the oil space, WTI futures traded lower yesterday. Price has breached key support at the 50-day EMA, at $81.14. The clear breach of this average strengthens a short-term bearish theme and highlights scope for a deeper correction. This has opened $76.07, the Mar 11 low. Key resistance and the bull trigger has been defined at $86.97, the Apr 12 high. Initial firm resistance is at $84.46, the Apr 26 high.
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