Originally published by AxiTrader
COCOA managed to bounce slightly today, but the strong downtrend remains intact. Decent resistance can be expected at $2060, which is also relatively close to the 55 DMA. Major resistance is seen at $2300, and it would need a clear break above that level to trigger a larger short squeeze. Currently, selling rallies remains the preferred strategy, for another test of $1850 support.
COFFEE is consolidating after breaking below key support at $141.50. The short-term technical outlook is currently mixed. Strong resistance can be expected in the area between $145 and $147, where the 21, 55 and 200 DMAs lie. Meanwhile, decent support is noted at $132.80. Further consolidation seems likely.
COPPER bounced off the 100 DMA and is testing resistance around $2.63. Overall, the uptrend remains intact and buying dips the preferred strategy. Solid support is noted at $2.45, followed by the significant area between $2.28 and $2.32. The next major obstacle for Copper bulls is the $2.82 January high.
GOLD is consolidating around the 55 and 100 DMAs right now. Overall, the short-term trend remains intact, and it would take a break below $1180 to change that. The next obstacle for Gold bulls is the former support level at $1220. Should it be cleared, a retest of $1260 seems likely.
NATURAL GAS is extending its gains following the strong bounce off $2.50 support. It is slowly approaching key resistance around $3.13, where the 55 and 100 DMAs are located. Should it break above it, it seems likely that the rally will extend to $3.50.
SOYBEAN is trading within a descending channel and close to testing major support at $1000. The level looks vulnerable and it will likely break below soon. This would then signal a further decline towards $970. The major level to watch is $936. A clear break below would pave the way for a price correction to $850.
WTI is looking clearly bearish following the break below $50 support. The 200 DMA provided some support initially, but price eventually traded through it. The short-term technical outlook has turned negative now, with a test of $45 likely soon. Selling rallies is the preferred strategy, and traders can expect decent resistance at $50 and $50.65.
