Free Trial

Price Signal Summary - WTI Resistance Remains Intact

OUTLOOK
  • On the commodity front, Gold is in consolidation mode. Recent activity has defined a key resistance at $2065.5, the Feb 1 high, and a key support at $1984.3, the Feb 14 low. Both levels represent important short-term directional triggers. A clear break of the Feb 1 high would highlight a short-term reversal and open $2088.5, the Dec 28 high. For bears, clearance of $1984.3 would expose an important support and bear trigger at $1973.2, the Dec 13 low.
  • In the oil space, WTI futures traded higher Tuesday. The latest bull cycle still appears corrective and key short-term resistance at $79.09, Jan 29 high, remains intact. Clearance of this level would alter the picture and highlight a bullish development, opening $81.70, 76.4% of the Sep 19 - Dec 13 bear cycle. Initial support is at $75.69, the 50-day EMA.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.