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Price Signal Summary - WTI Futures Trade Through A Key Resistance

OUTLOOK
  • On the commodity front, the trend condition in Gold remains bullish. Recent cycle highs confirm an extension on the current uptrend and maintain the positive price sequence of higher highs and higher lows. The focus is on $1934.4 next, the Apr 25, 2022 high. Support to watch lies at $1855.9, the 20-day EMA.
  • In the Oil space, WTI futures traded higher last week and the bull theme remains intact as the contract extends its climb. The move higher has resulted in a break of resistance at $81.50, the Jan 3 high and a bull trigger. Clearance of this hurdle opens $83.27, the Dec1 high. First support to watch lies at $77.26, the 20-day EMA.
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