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Price Signal Summary - WTI Tests Resistance At The 50-Day EMA

OUTLOOK
  • On the commodity front, trend conditions in Gold remain bullish and the recent move lower appears corrective. Key short-term support to watch is $1765.9, the Dec 5 low. The yellow metal breached $1810.0 recently, Dec 5 high, to resume the uptrend. This maintains the positive price sequence of higher highs and higher lows and opens $1842.7, the 50.0% retracement of the Mar - Sep bear leg.
  • In the Oil space, recent gains in WTI futures have highlighted a bullish corrective cycle and yesterday’s climb signals an extension of this phase. The contract has cleared the 20-day EMA, at $76.94. Price has tested resistance at $79.64, the 50-day EMA and a key resistance. A break of this level would strengthen the short-term bullish outlook. Initial key support has been defined at $73.40, the Dec 16 low.
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Metals bulletHomepagemarkets-real-timeCommoditiesEnergy BulletsBulletMarketsFixed Income BulletsForeign Exchange BulletsEnergy Technical Analysis

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