Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Copper And WTI Test Major Resistance Areas

Published 04/07/2017, 01:05 pm
Updated 06/07/2021, 05:05 pm

Originally published by AxiTrader

COPPER ran into solid resistance at $2.71, but has been able to gather some decent momentum in the past two trading weeks. A clear break above $2.71 would pave the way for an extension of the rally to at least $2.82. To the downside, expect strong support at $2.6450.

Chart

WTI is currently testing a major resistance area between $46.50 and $47.00. A daily close above it would be a quite strong signal, and pave the way for a recovery to at least $49.50. A lot of speculators are still short WTI, and a break above $47 could trigger some further position covering.

Chart

COCOA is testing the resistance at the 100 DMA near $1966. While the price has recovered slightly in the past few trading days, the downtrend remains intact. Strong selling interest can be expected in the area between $2070 and $2080. Cocoa will likely struggle to clear that resistance.

Chart

COFFEE's recovery continues following the bounce off $115. The price broke above the 21 DMA, but the commodity is likely to encounter decent resistance ahead of $130, and again ahead of $135 (where the 100 DMA lies). The downtrend remains strong, and selling rallies the preferred strategy.

Chart

NATURAL GAS is trying to recover, but resistance ahead of $3.10 is likely to prove strong once again (the 100 and 200 DMA are also close). The short-term outlook remains mixed, unless natural gas clears the aforementioned resistance area. Another rejection would signal that the commodity is likely to test $2.85 again. Below that level, next support lies at $2.52.

Chart

SOYBEAN is approaching the 100 DMA. $988 is a major resistance level, and also close the 200 DMA. A break above that level would be significant, and signal that a larger short squeeze could follow. However, Soybean should overcome the obstacle at $970 first.


Chart

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.