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Price Signal Summary - WTI Futures Remain Vulnerable

OUTLOOK
  • On the commodity front, Gold remains in consolidation mode. The broader trend theme is bullish, however, the yellow metal has recently entered a short-term corrective cycle. Price has pierced support at $1987.8, the 20-day EMA, highlighting potential for a deeper retracement. A move lower would open $1952.6, the 50-day EMA. Key short-term resistance has been defined at $2048.7, the Apr 5 high. A break would confirm a resumption of the uptrend.
  • In the oil space, the outlook in WTI futures remains bearish and last Wednesday's strong sell-off reinforces the current theme. $73.98 was pierced late last week, the 50.0% retracement of the Mar 20 - Apr 12 rally. A clear break of this level would open $72.76, the Mar 30 low. A key short-term resistance has been defined at $79.18, the Apr 24 high where a breach is required to ease bearish pressure.
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Metals bulletEM BulletHomepagemarkets-real-timeCommoditiesEmerging Market NewsEnergy BulletsBulletMarketsFixed Income BulletsForeign Exchange BulletsEnergy Technical Analysis

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