Copper And WTI Clear Major Resistance Levels
Axi | Jul 26, 2017 13:05
Originally published by AxiTrader
COPPER cleared the major resistance level at $2.82 and extended gains to over $2.85. The short-term outlook is positive, and the daily close above the aforementioned former resistance level is a strong sign. Further gains are likely and copper should now find good support at $2.8320 and $2.8260.
WTI is looking increasingly bullish. Following the clear break above $47.30 resistance, another test of $50 seems likely. However, watch the trendline resistance from the February high.
COCOA is currently consolidating within a triangle pattern, but the downtrend remains intact. Solid resistance can be expected at $2000 and then again at $2080. It would take a clear breakout above $2080 to signal a larger short squeeze. Until then, selling rallies is the preferred strategy.
COFFEE had a recent recovery since bouncing off $115 support. However, the commodity has lost momentum ahead of $138 resistance and is moving back towards $130 support. That level is crucial in the short-term. A break sub-$130 would confirm the fake breakout and pave the way for another $115 test.
NATURAL GAS has been quiet in the past few trading weeks. The clear break sub-$3.10 signaled that further losses will occur, but those have been fairly limited so far. Strong support is noted ahead of $2.80. However, a break sub-$2.80 would pave the way for a retracement towards $2.50.
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SOYBEAN is struggling with resistance around $1030. The clear rejection signals that the downtrend is ready to resume now. Keep an eye on support around $965 - a clear break below would pave the way for a $900 test.
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