Commodities

Technical Analysis – WTI oil futures tumble nearly 5% but hold in bullish area

Posted on July 12, 2018 at 7:11 am GMT

WTI crude oil futures (August delivery) had their worst day in a year yesterday losing nearly 5% in the wake of new trade threats from the US to China. The price, however, managed to stay above 70 yesterday, finding support at the 20-day moving average (MA) despite the sharp fall from 74. Momentum indicators have weakened, with the RSI retreating towards its neutral threshold of 50 and the MACD distancing itself further below the red signal line, suggesting that weakness might persist in the [..]

Technical Analysis – WTI oil futures drift sideways as rally eases

Posted on July 10, 2018 at 8:46 am GMT

West Texas Intermediate (WTI) crude oil futures seem to have lost momentum since hitting the 75.24 multi-year high on July 3. Price action is at the moment taking place above the 20- and 40-simple moving averages in the 4-hour chart after they recorded a bearish cross but are currently pointing up. Looking at momentum indicators, the RSI is lacking direction slightly above it neutral threshold of 50, suggesting that the market could keep consolidating in the near term. The MACD also supports this [..]

Technical Analysis – Gold manages to pick up speed; posts 2-week high

Posted on July 9, 2018 at 8:24 am GMT

Gold has created a new two-week high of 1262.13 over today’s European session and is trying to have a session close above the 1261 barrier in the 4-hour chart. The technical indicators are sending bullish signals, supporting the upside movement in price action and suggesting that the softness may come to an end. The Relative Strength Index (RSI) is moving towards the threshold of 70, while the %K line of the stochastic oscillator is approaching the overbought zone with the %D line. If the market manages [..]

Technical Analysis – Cocoa futures unable to jump above 38.2% Fibonacci; bullish move is expected

Posted on July 6, 2018 at 12:02 pm GMT

Cocoa futures for September delivery have reversed to the upside over the last three weeks after the rebound on the 2313 support. However, the price is still trading below the 38.2% Fibonacci retracement level of the upleg from 1796 to 2930 at 2500, which seems to be acting as a strong resistance barrier, setting the scene for a sideways move. Momentum indicators in the daily timeframe are currently moving near their neutral levels with weak momentum. Specifically, the RSI indicator is holding marginally below the 50 zone, while [..]

Copper slumps as trade conflict clouds global growth outlook – Commodities News

Posted on July 5, 2018 at 9:13 am GMT

The price of copper continues its freefall this week, falling to a nine-month low of $6,450 per tonne on the London Metal Exchange and to an 11-month low of $2.874 per pound on New York’s Comex. The popular base metal has been under pressure since trade tensions first started brewing in late February. Copper is considered to be a good indicator of global economic growth due to its wide use across the construction, industrial and technology sectors. The fall in [..]

Technical Analysis – WTI futures create multi-year highs; bullish bias but possibility of overstretched rally

Posted on July 3, 2018 at 8:42 am GMT

West Texas Intermediate (WTI) futures surged to a fresh high of 74.80 since November 2014 as it is recording a sharp bullish run over the last five days. Prices broke above the 72.20 level and are trading above their moving averages. The bullish picture in the short term is kindly supported by the technical indicators. From the technical point of view, in the 4-hour chart, the RSI is holding slightly above the 70 level, suggesting an overstretched rally, while, the [..]

Technical Analysis – Gold holds near return line of downward sloping channel; posted 6-month low

Posted on July 2, 2018 at 8:49 am GMT

Gold started an aggressive bearish roller coaster over the previous three weeks, creating a fresh six-month low of 1245.84 last Thursday. The price is developing near the aforementioned low and the short-term technical indicators are pointing to more weakness in the market. Looking at the at the 4-hour chart, gold prices are looking capped by the 20 and 40-simple moving averages (SMAs) which are negatively aligned after a bearish crossover that took place on June 15. The Relative Strength Index [..]

Technical Analysis – Coffee futures find strong resistance at 1.2456; further losses are expected

Posted on June 29, 2018 at 1:43 pm GMT

Coffee futures for September have reversed to the downside over the previous two days after printing a 20-day high of 1.1897, which holds near the 40-simple moving average (SMA) in the daily timeframe. From the technical point of view, the Relative Strength Index (RSI) is increasing the negative momentum as it lies below the neutral threshold of 50 and is approaching the 30 level. Moreover, the MACD oscillator holds above the trigger line but is strengthening its bearish structure. If the price [..]

Oil turns bullish after OPEC output hike deal confuses markets – Commodities News

Posted on June 27, 2018 at 3:26 pm GMT

The Organization of the Petroleum Exporting Countries (OPEC) and a group of 11 non-OPEC countries struck a deal on Friday to raise oil production from July, marking the first increase since the alliance began capping output in January 2017. Crude oil prices surged immediately after the announcement as an agreement was not certain due to strong objections from Iran. However, the lack of clarity on how the production increases will be achieved and how much of a supply boost can [..]

Technical Analysis – WTI futures remains bullish as it stands above 50.0% Fibonacci

Posted on June 26, 2018 at 7:50 am GMT

West Texas Intermediate (WTI) futures posted a negative day after they reached a new one-month high of 69.40 yesterday, while on Friday the price created sharp bullish extensions. The price eased and tested the 67.75 support level on Monday before the jump above the 50.0% Fibonacci retracement level of the downleg from 72.87 to 63.37, near 68.12, once again. In the 4-hour chart, the RSI stands in the bullish area and is sloping slightly north, while the %K line of the stochastic oscillator posted a [..]

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