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Price Signal Summary - WTI Key Short-Term Resistance Remains Intact - For Now

OUTLOOK
  • On the commodity front, Gold traded sharply higher Dec 13. This signals a short-term reversal and the end of the recent Dec 4 - 13 corrective pullback. Moving average studies remain in a bull-mode position, highlighting an uptrend. A continuation higher would signal scope for a climb toward key resistance and the Dec 4 all-time high of $2135.4. A break of this level would confirm a resumption of the primary bull trend. Initial firm support lies at $1973.2, the Dec 13 low.
  • In the oil space, bearish conditions in WTI futures remain intact and recent gains appear to be a correction. Resistance to watch is $76.14, the 50-day EMA. A clear break of this EMA is required to highlight a stronger reversal. Last week’s fresh trend low reinforces a bearish theme and the break of $69.08, Dec 7 low, confirms a resumption of the trend. This maintains the price sequence of lower lows and lower highs and note that MA studies are in a bear-mode position. A resumption of weakness would open $67.07, the Jun 23 low.
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