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Price Signal Summary - WTI Bounce Appears To Be A Correction

OUTLOOK
  • On the commodity front, Gold is unchanged and the metal continues to trade above the Jan 17 low of $2001.9. Recent short-term gains improved a bullish condition and a resumption of the bull cycle would signal scope for a climb towards $2088.5, the Dec 28 high and a key resistance. For bears, a stronger reversal lower would instead refocus attention on $2001.9, where a break is required to reinstate the recent bearish theme.
  • In the oil space, WTI futures remain soft following last week’s steep sell-off and short-term gains are considered corrective. A resumption of weakness would expose support at $70.62, the Jan 17 low, and $69.56, the Jan 3 low. For bulls, a reversal higher is required to refocus attention on the key short-term resistance at $79.29, the Jan 29 high. Clearance of this level would reinstate a bullish theme. Initial resistance is at $76.95, the Feb 1 high.
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