Originally published by AxiTrader
COPPER had a strong retracement recently. However, the uptrend remains intact and the commodity managed to find solid support at $2.93. As long as that level remains intact, Copper has a solid chance for a recovery. A clear break below would signal a further retracement to at least $2.87. Overall, looking for buy opportunities on larger dips still makes sense.
COFFEE has posted a double top pattern and a further retracement seems likely in the near-term. The next big support level now lies at $126.65, and coffee could test it soon. While the commodity has been able to recover recently, it still remains in a longer-term downtrend.
COCOA is still consolidating in a relatively tight range. Until there is not a breakout above/below the triangle pattern, there seem to be limited opportunities. Watch for strong resistance at the falling trendline from the April high, as well as around $2070. To the downside, initial support can be expected around $1950, followed by the rising trendline from the April high. Overall, the technical outlook does look a bit better, but it remains to be seen if there is enough momentum to overcome the resistance at $2070.
NATURAL GAS managed to break above $3.10 resistance briefly, but failed to sustain momentum. Overall, the short-term outlook remains rather negative and it seems likely we will see a retracement towards $3.00 soon.
SOYBEAN is approaching again a major resistance level at $977. It has struggled there several times before. However, a clear breakout could lead to a short squeeze in Soybean and pave the way for a rally towards $1000.
WTI has ran out of momentum as well, but remains bid overall. As long as the support at $49.50 is intact, there is potential for an extension of the rally to at least $52.
Save