Originally published by AxiTrader
COCOA failed at $2182 resistance and fell back towards $2000 last week. This confirmed once again that the downtrend remains intact, and that selling rallies is still the preferred strategy. In the near-term, another test of $1866 support seems likely. Expect decent resistance in the area between $2170 and $2182, where the 100 DMA lies as well.
COFFEE bounced once again off $136 support today. Nevertheless, it is still struggling and $142 capped the topside yesterday. There is also the trendline resistance from the February high. In the short-term, $136 support looks fragile and we'll likely see another test of it very soon. Should it break, momentum will likely accelerate and take coffee back to $132.75.
COPPER is still lacking momentum. While support at $2.56 held, the commodity struggled to break clearly above the trendline resistance from the February high. Decent resistance was also seen at the 55 DMA near 2.67. A clear break above the trendline would suggest that Copper could have another test of $2.72 soon. Until then, further consolidation seems likely.
GOLD was once again rejected at the 200 DMA. Resistance between $1260 and $1263 has proven to be tough, but a breakout seems increasingly likely. Gold remains very well bid, and the potential for an increase in momentum exists. Should $1263 be cleared, the precious metal should not have many difficulties reaching $1300 soon.
NATURAL GAS looks increasingly bullish. It broke above $3.10 resistance without much struggle and extended gains above $3.25 today. Buying dips is now the preferred strategy, and the former resistance area between $3.10 and $3.12 could be an attractive location for traders looking to establish long positions. To the topside, there is now not much resistance until $3.50.
SOYBEAN still looks strongly bearish. While the hourly charts suggest that the commodity is a tad oversold in the short-term, the outlook remains clearly negative. $934 is a key support level, and a break below would pave the way for a move towards the 2015 low at $840.
In WTI, the triple bottom pattern at $47 has been confirmed after the breakout above $49.70 resistance. Oil has extended gains to $51.20 since then, and the outlook has turned bullish. Immediate resistance is seen at the 55 DMA around $51.50, but the next major obstacle now lies at $52.50. Should WTI clear that one as well, it is likely we will see another test of the recent major high at $55.05.
