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Price Signal Summary - WTI Remains Below Resistance

OUTLOOK
  • On the commodity front, trend conditions in {O4} Gold remain bearish and short-term gains are considered corrective. Fresh trend lows last week reinforce bearish conditions, confirming a resumption of the downtrend and extending the price sequence of lower lows and lower highs. MA studies are in a bear mode position highlighting current sentiment. The focus is on $1885.8, Mar 15 low. Key resistance is $1985.3, May 24 high. Initial resistance is $1933.9, the 20-day EMA.
  • In the oil space, WTI futures remain in a bear mode condition and recent gains appear to be a correction. The contract is trading below resistance at $75.70, the Jun 5 high. Clearance of this level would signal a reversal. Initial resistance is $72.72, the Jun 21 high. Support at $67.21, the May 31 low, was pierced last week, a clear break of this level would open $64.41, the May 4 low. Moving average studies are in a bear mode position highlighting a downtrend.
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Metals bulletEM BulletFixed Income BulletsHomepagemarkets-real-timeCommoditiesEnergy BulletsBulletMarketsEmerging Market NewsForeign Exchange BulletsEnergy Technical Analysis

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