Originally published by AxiTrader
COPPER bounce off $2.93 support, and while it hasn't managed to gather significant momentum since then, the overall outlook remains positive. A break back above $3.00 would confirm the recent low and pave the way for a rally back towards $3.20.
COFFEE posted a double top at $143.20 and has come under increased pressure since then. In the near-term, further losses seem likely with the next notable support level now at $126.50.
COCOA is struggling around $2000 resistance. Further, heavy resistance can be expected ahead of $2080, where the commodity failed many times before. Overall, the short-term outlook remains neutral. Unless Cocoa breaks clearly above $2080, the long-term downtrend remains intact. To the downside, expect support at the rising trendline from the July low.
NATURAL GAS is trading within a rising channel pattern. The recent break below would pave the way for a retracement towards $2.75, although it has not been confirmed yet by a daily close below. Keep an eye on support at $2.88, while resistance lies at $2.98.
The topside was capped at $986 in SOYBEAN, a few points above the 200 DMA. Overall, the downtrend remains intact and the recent price action suggests there could be further losses ahead. The next significant support lies at $937.
WTI overcame a major hurdle at $51 earlier today, and the breakout signals a rally towards $53 in the near-term. Watch for support at the former resistance area between $51.00 and $51.10.
