MNI China Daily Summary: Wednesday, April 17

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Price Signal Summary - WTI Clears Key Support And Tests $70.00

OUTLOOK
  • On the commodity front, Gold remains bullish and the metal is trading higher today. Resistance at $1858.3, the Mar 6 high has recently been cleared and the latest rally signals scope for an extension towards $1923.2, a Fibonacci retracement point and a key near-term resistance. On the downside, initial firm support is seen at $1849.2, the 50-day EMA. A break of this level is required to signal a top - this would expose the bear trigger at $1804.9, the Feb 28 low.
  • In the Oil space, a sharp sell-off in WTI futures remain vulnerable and today’s move lower has resulted in the break of key support at $70.86, the Dec 9 low. The move down confirms a resumption of the medium-term downtrend and reinforces current bearish conditions. Note too that price has pierced the psychological $70.00 handle. Attention is on $66.04, the next objective. This is the Dec 20 2021 low (cont). Initial resistance is at $74.90, yesterday’s high.
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Metals bulletHomepagemarkets-real-timeCommoditiesEnergy BulletsBulletMarketsFixed Income BulletsForeign Exchange BulletsEnergy Technical Analysis

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