Originally published by AxiTrader
COCOA - Despite the strong bounce off $1750 support, Cocoa is struggling to gain momentum. Resistance at the falling trendline from the March high has proven to be tough, and price is back below $2000. Overall, techs remain clearly bearish and further losses seem likely in the near-term. Expect strong resistance at the trendline and ahead of $2100.
COFFEE - The downtrend remains intact, and it seems quite likely that price will break below support at $125 soon. This would then pave the way for an extension of the decline to at least $120. Selling rallies is still the preferred strategy.
COPPER has been quiet in the past few trading weeks. It continues to trade within a descending channel, but there has been a lack of momentum. Resistance above $2.60 is strong. At the same time, decent demand is noted ahead of $2.50. Therefore, further consolidation seems likely in the near-term. Expect solid resistance at the upper line of the channel, and strong support around $2.50.
NATURAL GAS is looking bearish following the clear break below $3.10 support. A decline towards $2.50 seems now likely in the near-term. Watch for short opportunities. Heavy resistance can now be expected ahead of the key former support level at $3.10.
SOYBEAN declined below the significant support level at $930. While downside momentum has stalled somewhat, the outlook remains bearish and price is likely to move towards $850 soon. Resistance is noted at $930, followed by $965.
WTI rallied this morning, but quickly reversed gains and eventually fell below $47. The short-term outlook is negative, and further losses seem likely. Look for solid resistance at $48, while the next significant support level now lies at $45.50.
