OUTLOOK: Price Signal Summary - Monitoring Resistance In WTI
Jun-06 11:15
- On the commodity front, a bullish theme in Gold remains intact. Medium-term trend signals are bullish - moving average studies remain in a bull-mode position, highlighting a dominant uptrend. Sights are on $3435.6 next, the May 7 high. A break of this hurdle would strengthen bullish conditions. On the downside, key support and the bear trigger to watch has been defined at $3121.0, the May 15 low. First support lies at 3313.2, the 20-day EMA.
- In the oil space, WTI futures continue to trade closer to their recent highs. A bear threat remains present and the recovery since Apr 9 still appears corrective. A key resistance area to monitor is $62.56, the 50-day EMA. It has been pierced, however, a clear break of it would highlight a stronger reversal and open $65.82, the Apr 4 high. For bears a reversal lower would refocus attention on $54.33, the Apr 9 low and bear trigger. First support to watch lies at $59.74, the May 30 low.
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