Weekly Commodities Report
Axi | Nov 23, 2016 10:56
Originally published by AxiTrader
Cocoa remains in a strong downtrend, and the retracements have been weak so far. Selling rallies is the preferred strategy, and traders looking to establish a short position should keep an eye on the former key support area around 2620, which should act as significant resistance now. To the downside, support is seen at 2245, but a break below would pave the way for a test of 2000.
COCOA.Daily
The momentum in Coffee has waned after it posted a short-term top at $175. It has found support at $157.25 last week, and is currently consolidating around $160. Overall, the trend is clearly up, and traders can expect decent support at the trendline from the late May low, followed by $145 (early October low).
COFFEE.Daily
Copper has been consolidating after a highly volatile first November week. It has settled in a $2.43-2.60 range for now, but the trend is up, and traders who are looking to buy dips should keep an eye on the $2.27-2.32 area, which acted many times previously as key resistance. To the topside, resistance is noted around $2.73 (early November high), which is also close to the 76 % Fibo of the 3.00-1.97 decline.
COPPER.Weekly
COPPER.Weekly
Natural Gas has been able to find decent support ahead of $2.50, and rallied back towards $3.00. Immediate resistance is seen at $3.16 (late October high), followed by $3.36 (early October & current yearly high). To the downside, expect strong support around $2.50 (which is also close to the 200 DMA).
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NATGAS.Daily
Soybeans has been quiet in the past few weeks, but momentum might finally increase soon. It has closed the day above $1030 resistance today, and this paves the way for a move back to at least $1075. Next significant tech resistance lies now at $1122 (early July high). To the downside, a decline back below $970 would confirm the short-term top at $1030, and suggest another test of key support around $930 is imminent.
SOYBEAN.Daily
Crude Oil is likely to remain highly volatile ahead of the OPEC meeting on November 30. Key resistance is seen at $49.80-$50.00, with $49.80 being the 76 % Fibo of the October/November decline, while $50 acted as key support/resistance many times before. A clear break above would then pave the way for a move to at least $52.
WTI.Daily
Gold - the daily chart is showing bullish RSI divergence, but overall, the technical outlook remains bearish and selling rallies the preferred strategy. Gold bears should keep an eye on the $1240 level, which is likely to act as key resistance should we see a test of it soon.
GOLD.Daily
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