Originally published by AxiTrader
Natural Gas was rejected ahead of the major resistance level at $3.10 and is approaching support at $3.01. A clear break below that level would then signal that a correction towards $2.90 would follow.
WTI broke above the key trendline resistance from the August high, and successfully retested it. This signals that WTI could have another run towards $48.15 soon.
COCOA is currently consolidating within a triangle pattern, but a breakout seems imminent. The breakout should give further clues about where cocoa could be heading next. Overall, the short-term technical outlook is mixed with a slight negative bias. The commodity should therefore encounter decent selling interest ahead of $2100.
COFFEE has been caught in a $7 range in the past three weeks. So far $126.70 support has held, but it is looking increasingly fragile, especially when considering that the overall downtrend remains intact. To the topside, expect solid resistance at $130.50 and $133.45.
COPPER managed to bounce off the former key resistance level at $3.1340, and the uptrend is not showing any signs of weakness yet, despite the short-term overbought conditions. In the near-term, copper could reach $3.30, where it then would likely run into stronger selling interest and profit taking.
SOYBEAN had a solid rally last week, but is still struggling with decent resistance around $950-955. Unless it manages to clear this obstacle, the short-term outlook remains negative. The next key support level is now seen at $931.
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