Originally published by AxiTrader
COCOA remains in a strong downtrend. Following the break below the key support level at $2000, momentum accelerated further and it tested $1880. After some consolidation around that level, price rallied today, almost reaching $2000. However, selling rallies remains the preferred strategy here. Immediate resistance is seen at $2035, followed by $2088. It would need a clear break above $2300 to trigger a major short squeeze, and this seems unlikely in the near-term.
COCOA - H4-Chart - 16.02.2017
COFFEE bounced of $141.50 support, but the rally has been rather weak so far. It is approaching a major trendline resistance, which might give us a clue about the short-term direction of coffee. A clear rejection would likely lead to a retest of $141.50 and eventually an extension of the downtrend towards $132.60. On the other side, should it break above it, a test of $156.85 resistance seems likely.
COFFEE - Daily-Chart - 16.02.2017
COPPER is struggling a bit. The overall uptrend remains without doubt intact, but the daily chart is showing negative RSI divergence and momentum has stalled. This suggest we could see a correction towards $2.40 support before the rally continues. To the topside, $2.80 remains the next major obstacle, but heavy resistance can also be expected ahead of $3.00.
COPPER - Daily-Chart - 16.02.2017
The technical outlook for NAT GAS is rather mixed. It is caught in a short-term downtrend and the break sub-$3.00 suggests that we could see a test of the major support area at $2.50-55 soon. However, the overall long-term remains up as long as price can hold above that area.
NATGAS - Daily-Chart - 16.02.2017
It took a while for momentum in SOYBEAN to accelerate, but it is now in a decent uptrend. Resistance at $1080 proved to be too tough on the first test, but given the strong bounce off $1000 support and overall positive outlook, it seems likely that it will overcome this obstacle soon. A clear break above $1080 would then pave the way for a $1160 test.
SOYBEAN - Daily-Chart - 16.02.2017
WTI is consolidating within a triangle pattern, and while there still is decent intraday volatility, there is a lack of direction. Overall, the trend is up and it would need a clear break sub-$50 to trigger larger position covering. To the topside, decent resistance is seen in the $54.50-55 area. A clear break and daily close above $55 would be significant however, and likely to lead to an acceleration of upside momentum. The next bull target would then lie at $60.
WTI - Daily-Chart - 16.02.2017
GOLD had a few rough days following the rejection off $1245, but remains well bid. It had a strong bounce off $1217 support and is currently back above $1230. We will likely see another test of the $1245-50 area soon, and should it clear that resistance, there is not much in the way of a $1300 test.
XAU/USD - Daily-Chart - 16.02.2017