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Price Signal Summary - WTI Sights Are On Resistance At The 50-Day EMA

OUTLOOK
  • On the commodity front, trend conditions in Gold remain bullish and the recent short-term pullback is considered corrective. Note that price action since Mar 20 appears to be a pennant - a continuation pattern. This reinforces bullish conditions and signals scope for an extension higher near-term. The recent test above $2000.0 opens $2034.0 next, a Fibonacci projection. $1918.3 marks a firm support, the Mar 17 low - a break would signal scope for a deeper pullback.
  • In the Oil space, WTI futures continue to trade at this week’s highs. Price has breached resistance at the 20-day EMA which intersects at $72.80. The break is a short-term bullish development and a continuation higher would expose the 50-day EMA, at $74.94. This average represents the next key resistance point. On the downside, a firm support lies at $66.82, the Mar 24 low. A break of this level would be bearish. Initial support is at $69.89, a trendline drawn from the Mar 20 low.
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