Originally published by AxiTrader
WTI broke below $56.70 support earlier, paving the way for a correction towards at least $55. The commodity should reach that price level fairly soon. Traders looking for short opportunities should keep an eye on the former support area between $56.50 and $56.70. While the overall uptrend remains intact, recent price action clearly showed that WTI got exhausted in the near-term.
COCOA has turned bearish. Following the channel breakout and decline sub-$2000, selling rallies is the preferred strategy. Keep an eye on resistance at $1990 followed by $2030. It is unlikely cocoa will be able to rally much above $2000 in the near-term, so those could be interesting points for potential short trades. A test of $1800 seems likely in the short-term.
COFFEE is not looking particularly bullish either. The commodity failed at the major resistance level at $132.60 and is now approaching $125 support. A clear break below $125 would signal that we are likely to see another retracement towards $120 in the near-term.
COPPER has been struggling in the recent weeks, and yesterday a big sell-off followed. Traders should keep an eye on the resistance around $3.03. Should Copper manage to recover relatively easy above that level, it would confirm that this was just temporary panic, and that the bulls remain in control. However, should the metal struggle in the area between $3.00-3.03, it could be a sign for the beginning of a larger correction towards at least $2.90.
