April 26, 2024 10:36 GMT
Price Signal Summary - WTI Continues To Trade Above Key Short-Term Support
OUTLOOK
- On the commodity front, Gold has this week pierced the 20-day EMA and this highlights the start of a possible corrective cycle. A resumption of weakness would signal scope for an extension towards $2229.4, the 50-day EMA. Note that a short-term bear cycle would allow a significant overbought condition to unwind. Key resistance and the bull trigger is at $2431.5, the recent Apr 12 high.
- In the oil space, WTI futures have recovered from their recent lows and price continues to trade above key support at $81.03, the 50-day EMA. The recent move lower highlights a corrective phase and a clear break of the 50-day average would signal scope for a deeper retracement towards $76.07, the Mar 11 low. On the upside, key resistance and the bull trigger has been defined at $86.97, the Apr 12 high.
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