Originally published by AxiTrader
COCOA - It has been able to take out some decent resistance levels in the past two trading weeks, but the downtrend remains intact overall. It would need a clear break above $2260 to pave the way for a larger short squeeze. Keep an eye on the 100 DMA near $2210 as well, as it could cap the topside in the near-term.
COFFEE is still consolidating within a triangle pattern. The technical signals are mixed, and there is no clear bias. Strong resistance is seen near the 200 DMA at $147.60. To the downside, expect solid support around $138, followed by $132. Trading the range seems the appropriate strategy for now.
COPPER has once again found decent support at the 100 DMA today. Short-term techs are mixed, and it seems likely that there could be a correction soon. However, the uptrend remains intact overall, and strong support is seen at 2.4450 and 2.32. Buying dips close to those areas still makes sense, and only a clear break below 2.32 would change the overall trend to negative.
GOLD had a strong bounce off $1190 support and is now again slowly approaching the $1250 level. Decent resistance can be expected around the 200 DMA (currently at 1260). Should that obstacle be cleared as well, the rally is likely to extend to $1300.
NAT GAS is struggling to take out resistance at 3.10. The level previously acted as key support, and it is also close to the 55 and 100 DMA. However, should that obstacle be cleared, not much stands in the way for a $3.50 test.
SOYBEAN is consolidating within a channel pattern. The short-term trend is negative, and following the break below $1000, further losses seem likely. The next significant support level now lies at $970, and there is a decent chance that it will soon test the level. To the topside, expect strong resistance in the area between $1015 and $1023, where the 21, 100 and 200 DMAs lie.
WTI has recovered slightly last week, but failed to reach the $50 level. The outlook remains negative, and selling rallies the preferred strategy. Keep an eye on the area between $50.70 and $51.20, where WTI should encounter strong resistance. To the downside, immediate support can be anticipated at $47. However, the next significant support level now stands at $45.
