Originally published by AxiTrader
COCOA is approaching a major resistance level at $2080. A breakout would be significant and pave the way for a short squeeze. The commodity has been in a downtrend for a long time, but a break above $2080 could change things and a rally towards $2300 could follow.
COFFEE is testing key trendline support near $125. A break above would signal that the downtrend is resuming, and that we are likely to see another test of $115 support in the near-term. Overall, selling interest in Coffee remains high and the topside should be capped around $130 in the near-term.
COPPER has managed to bounce off the major support area at $2.87-2.88. The uptrend remains intact overall, and further gains can be expected. Immediate resistance is seen at the 21 DMA around 2.99, followed by 3.02. However, copper should be able to clear those obstacles without much struggle.
NATURAL GAS has been lacking volatility in the past few trading weeks. In the short-term, the commodity is likely to remain in a 2.70-3.00 range. Strong resistance is noted at $3.00, followed by the 200 DMA around $3.08. To the downside, expect support at $2.85, followed by $2.72
SOYBEAN is approaching a key trendline support from the June low. It might see another bounce from there, but the overall downtrend remains intact and the chance of a break below is increasing. A clear breakout would then pave the way for further losses towards $900.
WTI has been rejected ahead of $53 resistance and has seen quite a sharp reversal. It managed to bounce of $50, but the key level to watch lies around the 200 DMA at $49.70. A clear break below would signal that WTI could see a further correction before the uptrend continues.
