Free Trial

Price Signal Summary - WTI Bear Threat Remains Present

OUTLOOK
  • On the commodity front, the bear cycle in Gold remains intact. The yellow metal traded lower earlier before, before recovering from today’s session low. Price has pierced a key level at $1938.0, trendline support drawn from Nov 3 2022. A clear breach of this trendline would reinforce bearish conditions and pave the way for a move towards $1903.5, 61.8% retracement of the Feb 28 - May 4 bull cycle. Initial firm resistance is $1985.3, the May 24 high. A break of this level is required to signal a short-term reversal.
  • In the oil space, the latest pullback in WTI futures means that - for now - the contract has failed to overcome resistance at the 50-day EMA, which intersects at $74.24. Recent short-term gains are considered corrective, however, a clear breach of the 50-day EMA would highlight a stronger bullish theme and expose $76.74, the Apr 28 high. Support to watch lies at $69.39, the May 15 low. A break would be bearish.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.