Free Trial

Price Signal Summary - WTI Futures Are Firmer With Sights On Resistance

OUTLOOK
  • On the commodity front, the trend condition in Gold remains bullish and the latest pullback is considered corrective. Recent cycle highs confirm an extension of the uptrend and maintain the price sequence of higher highs and higher lows. Moving average studies remain in a bull mode position - reflecting the uptrend. The focus is on $1963.0 next, 76.4% of the Mar - Sep 2022 bear leg. Support to watch lies at $1893.7, the 20-day EMA.
  • In the Oil space, WTI futures are trading higher and attention is on key short-term resistance located at $82.66, the Jan 18 high. Clearance of this hurdle would reinstate the recent bullish theme and expose $83.14, the Dec 1 high and $85.33, the 76.4% retracement of the Nov 7 - Dec 9 bear leg. On the downside, the support to watch lies at $78.45, the Jan 19 low.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.