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Price Signal Summary - WTI Bull Cycle Remains In Play

OUTLOOK
  • On the commodity front, the trend condition in Gold remains bullish and the latest pullback is considered corrective. The yellow metal recently cleared $2135.4, the Dec 4 high, to deliver a fresh all-time cycle high. The break reinforces bullish conditions and signals scope for $2206.6 next, a 1.382 projection of the Oct 6 - 27 - Nov 13 price swing. Short-term conditions are overbought, a deeper retracement would allow this set-up to unwind. Firm support is at $2112.9, the 20-day EMA.
  • In the oil space, WTI futures traded higher last week and this resulted in a break of resistance at $80.85, the Mar 1 high. The climb confirms a resumption of the uptrend that has been in place since mid-December last year. Sights are on $81.70, 76.4% of the Sep 19 - Dec 13 bear cycle. It has been pierced today and a clear break of it would open $84.66, the Oct 20 ‘23 high. On the downside, support to watch is $77.07, the 50-day EMA.
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Metals bulletEM BulletHomepagemarkets-real-timeCommoditiesEmerging Market NewsEnergy BulletsBulletMarketsFixed Income BulletsForeign Exchange BulletsEnergy Technical Analysis

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