Cocoa Approaching Major Support Level
Axi | Jan 31, 2017 10:47
Originally published by AxiTrader
COCOA - The strong downtrend remains intact and we will likely see a test of the significant support level at $2025 soon. If that level breaks, Cocoa will likely extend losses to the next notable support level at $1850 fairly quickly.
COCOA - Monthly Chart - 30.01.2017
COFFEE has run out of momentum above $155 and currently testing support around $150. The short-term technical outlook is still mildly bullish, but $146.80 support needs to hold. A break below would signal a retest of the late December low at $132.80. To the topside, keep an eye on resistance at $156.90, followed by $164.25.
COFFEE - Daily Chart - 30.01.2017
COPPER is still consolidating after the strong rally in late October/early November, but remains well bid. A test of the 2016 high at 2.7515 seems likely in the near-term, and a break above would then pave the way for an extension of the rally to at least 2.9750. Traders might want to keep an eye on the previous key resistance area of $2.27-2.32, as it will likely attract decent demand.
COPPER - Daily Chart - 30.01.2017
COPPER - Weekly Chart - 30.01.2017
NAT GAS has been moving sideways in the past few trading weeks, and the outlook is mixed. The key levels to watch are $3.09 and $3.89. A break sub-$3.09 would signal that another test of $2.50/55 will follow.
Get The App
NATGAS - Daily Chart - 30.01.2017
WTI has seen several weeks of rather low volatility as well. Overall, short-term techs remain positive, but the obstacle at $55.25 has proven to be a difficult one. WTI needs to hold above $50.65 for the outlook to remain bullish; a break below would signal a deeper retracement, to at least $49.
WTI - Daily Chart - 30.01.2017
GOLD was rejected off $1220 resistance last week and fell back below $1200. However, support at $1180 remained intact, and there is another notable tech level near ($1176). Only a break below would switch short-term techs back to negative and signal a continuation of the overall downtrend to at least $1122 and possibly $1080.
GOLD - Daily Chart - 30.01.2017
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.