Originally published by AxiTrader
WTI had a major breakout on Friday, breaking through the trendline resistance from the January high and briefly trading above $54. The short-term outlook remains positive, and there should be strong demand around $52.80/53.00.
COPPER is showing first signs of weakness. It failed at resistance above $3.20 and there is now negative RSI divergence, suggesting we could see a retracement before the uptrend continues. Expect solid support at $3.05 and then at $2.98.
COCOA has lost some momentum, but looks fairly strong. It is trading within a ascending channel, and ran into decent demand with every smaller dip. Therefore, the outlook remains positive and the short squeeze is likely to extend to $2300 in the near-term.
COFFEE is still stuck within the wedge, but losses are likely to extend soon. Once support at $123 is gone, the next notable level lies at $116. The downtrend remains clearly intact, with Coffee struggling on every smaller rally.
NATURAL GAS is not very interesting at the moment. The commodity is still stuck within a 2.75-3.10 range, and recent price action suggests it will remain stuck there for a while.
