Originally published by AxiTrader
COCOA
US Cocoa is in a fairly strong downtrend and remains under pressure after another rejection off the trendline resistance from the mid-September high. However, the Daily chart shows a bullish RSI divergence and given that it is close to a major support level, it is certainly notable. Traders who want to wait for further confirmation should keep an eye on the aforementioned trendline and resistance around 2730. While long-term techs remain bearish, Cocoa has fallen a decent amount since the August high at 3120 and it is prone to a short squeeze.
COCOA.H4
COCOA.Daily
COCOA.Monthly
COFFEE
The uptrend in US Coffee C remains intact, and price is slowly marching towards the September high at $160.80. While the rejection off that level was quite sharp, Coffee continued to attract decent buying interest and bounced off trendline support from the June low. 160.80 is now the level to watch, as a break above would pave the way for a test of at least $167.50, which is the 50 % Fibo of the 2014-2015 decline. The area around the level also acted many times as key support and resistance, as it is visible on the Weekly chart.
COFFEE.Daily
COFFEE.Weekly
COPPER
Copper has been under pressure in the last few days following weak Chinese economic data. It is currently stuck within a triangle pattern, and given the decent amount of Chinese data we will get in the following days, one would expect that we will see a breakout soon. To the downside, $2.0625 is the key level to watch, while the key topside level is $2.22.
COPPER.Daily
NATURAL GAS
Natural Gas has been quiet in the past few trading days. Short-term techs remain bullish and buying dips the preferred strategy. Expect solid support at $3.09, which acted as key resistance previously.
NATGAS.Daily
SOYBEAN
US Soybeans is in consolidation mode and playing the range seems the appropriate strategy for now, with $930/35 and $1010/20 the key areas to watch. Support ahead of $920 has held for now, which is important for Soybean. If we zoom out to the Weekly chart, we will see why. $920 was the level that acted as key resistance many times during the consolidation phase in Summer 2015, and a break below would be quite bearish, suggesting that a move back towards the lower $840s is likely.
SOYBEAN.Daily
SOYBEAN.Weekly
WTI
The rally in Crude Oil has ran out of steam for now, after it was rejected at $51.50 resistance. Overall, techs remain bullish and support can be expected at $49.00/10 and $46.50/60.
WTI.Daily
