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Price Signal Summary - WTI Trades Through Resistance At The 50-Day EMA

OUTLOOK
  • On the commodity front, trend conditions in Gold remain bearish and price is trading below the 50-day EMA, at $1846.4 - recent gains are considered corrective. The break of the 50-day EMA, in mid-February, strengthened the case for bears. Sights are on $1800.0 and $1787.3, the 50.0% retracement of the uptrend between Sep 28 and Feb 2. On the upside, the 50-day EMA marks the first key short-term resistance. A clear breach of this average would ease bearish pressure.
  • In the Oil space, WTI futures remain above last week’s lows and the contract has traded higher once again today. Importantly, price is through resistance at the 50-day EMA - at $77.91. The break strengthens the current bullish theme and a continuation higher would open $80.78, the Feb 13 high. On the downside, key support has been defined at $73.80, the Feb 22 low. A break of this level would reinstate the recent bearish theme.
Metals bulletHomepagemarkets-real-timeCommoditiesEnergy BulletsBulletMarketsFixed Income BulletsForeign Exchange BulletsEnergy Technical Analysis
Metals bulletHomepagemarkets-real-timeCommoditiesEnergy BulletsBulletMarketsFixed Income BulletsForeign Exchange BulletsEnergy Technical Analysis

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