Originally published by AxiTrader
The downtrend in COCOA remains intact, and selling interest has again proven to be strong at any larger rally. Cocoa is now slowly approaching the significant support level at $1867. Should price break below it, a further decline towards $1500 seems likely.
COFFEE is still trading within a descending channel pattern. The commodity failed to take out resistance near the 55 DMA today, but managed to recover slightly after bouncing off $136 support last week. Keep an eye on the upper channel line, where decent resistance can be expected. A break above would be bullish short-term, but solid resistance already lies near $147 in form of the 200 DMA.
COPPER had a clear break below 2.5565 support this time, and the short-term outlook has switched to negative. The commodity has already lost momentum over the past couple of trading months, and bulls have clearly struggled. The break sub-2.55 might now lead to some further position covering. From a technical perspective, the next major support level now lies at the 200 DMA around 2.4220.
GOLD came under pressure at the beginning of the trading week, but quickly caught a bid again. The metal is now on its way to retest the recent high at $1296. Should that obstacle be cleared as well, there is no notable resistance until $1307.
NAT GAS ran out of momentum ahead of 3.35 resistance, and is now trying hard to stay above 3.10. The support level has remained intact so far, but is looking increasingly fragile. A clear break sub-3.10 would then pave the way for an extension of the retracement towards 2.88.
SOYBEAN briefly broke below $930 support, but managed to recover to $960 during the next few trading days. Nevertheless, the gains were capped at the 21 DMA and the outlook remains negative. Another test of $930 seems likely, and a clear break below it would pave the way for a move towards $850.
WTI has struggled in the past few trading days, but the short-term uptrend is still intact. Oil bulls should keep an eye on the area between $51.50 and $51.70, where the 55 and 100 DMAs are resting as well. Should we see a bounce from there, WTI is likely to test $53.75 resistance again.
