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Price Signal Summary - WTI Futures Approach Resistance

OUTLOOK
  • On the commodity front, the trend condition in Gold is unchanged and remains bearish. Fresh lows last week reinforce bearish conditions, confirming a resumption of the downtrend and extending the price sequence of lower lows and lower highs. Moving average studies are in a bear mode position highlighting current sentiment. The focus is on $1885.8, the Mar 15 low. Key resistance is $1985.3, the May 24 high. Initial resistance is $1929.4 the 20-day EMA.
  • In the oil space, WTI futures remain in a bear mode condition and recent gains still appear to be a correction. Initial firm resistance to watch is $72.72, the Jun 21 high. A break of this level would expose $75.70, the Jun 5 high and a key resistance. Clearance of this level would signal a stronger reversal. For bears, a resumption of weakness would pave the way for a move towards $66.96, the Jun 12 low and the next key support.
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