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Price Signal Summary - WTI Futures Extend This Week's Bounce

OUTLOOK
  • On the commodity front, the trend condition in Gold remains bullish and the yellow metal continues to trade higher. This maintains the positive price sequence of higher highs and higher lows. The focus is on $1896.5, 61.8% of the Mar - Sep bear leg. On the downside, support to watch lies at $1825.2, Jan 5 low.
  • In the Oil space, WTI futures traded higher Wednesday to extend the recent recovery. A continuation higher would signal scope for a test of resistance at $81.50, the Jan 3 high and a bull trigger. Clearance of this hurdle is required to strengthen a bullish theme. The broader trend outlook appears bearish. A reversal lower would expose the bear trigger that has been defined at $70.31, the Dec 9 low. Initial key support to watch is at $72.46, the Jan 5 low.
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Metals bulletHomepagemarkets-real-timeCommoditiesEnergy BulletsBulletMarketsFixed Income BulletsForeign Exchange BulletsEnergy Technical Analysis

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