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Price Signal Summary - WTI Gains Deliver A Print Above Key Resistance

OUTLOOK
  • On the commodity front, Gold traded sharply higher Friday, extending the recovery that started Feb 14. The climb has resulted in a break of resistance at $2065.5, the Feb 1 high. This strengthens a bullish theme and attention turns to resistance at $2088.5, the Dec 28 high. Clearance of this level would open $2097.1,76.4% retracement of the Dec 4 - 13 bear leg. Initial firm support to watch lies at $2025.8, the 50-day EMA.
  • In the oil space, WTI futures traded higher last week and in the process, the contract delivered a print above key resistance at $79.09, the Jan 29 high. The clear breach of this hurdle strengthens a bullish theme and highlights potential for a continuation higher near-term, towards $81.70, 76.4% of the Sep 19 - Dec 13 bear cycle. On the downside, support to watch is $76.06, the 50-day EMA.
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Metals bulletEM BulletFixed Income BulletsHomepagemarkets-real-timeCommoditiesEnergy BulletsBulletMarketsEmerging Market NewsForeign Exchange BulletsEnergy Technical Analysis

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