WTI OIL - Sideway price action before a move higher
NGAS NL - Sideway price action before a move higher
GOLD - Short term low nearby, but more congestion expected
COPPER - Upswing likely over for now
SUGAR - A new low should mark the end of the correction
WHEAT - Found resistance on 200dma
June WTI has been congesting for nearly two weeks under its 21dma and the RSI is neutral, but the overall picture remains bullish. We expect more sideway price action between $84 and $80 before a likely push higher.
After finding resistance on its 200dma last week, NatGas dropped down to channel support and started bouncing. The mentioned UT channel is proving to be solid, and we therefore expect a push back towards the €34-resistance before another possible drop to channel support.
We are sticking to our view that the $2431 high was significant, and that Gold should drop towards $2250 before the precious metal provides a buying opportunity.
While we were rightly bullish for the first part of the upswing, we have been wrongfully calling for a top over the past two weeks. Once again, with an overbought RSI, stagnating MACD, and a wave count which looks complete, we expect Copper to correct down to channel support near $440.
We are sticking to our view that the correction which started @ 25.54c is likely near the end, but not over yet. Ideally, we’d like to see a bounce towards the 20.41c resistance, before a final dip towards 18.50c which should then provide a great buying opportunity.
Wheat has so far evolved as expected by bouncing up to the 200dma and the late-January pivot high before correcting. The ongoing correction should be limited to the 589$ support, and if so, provide a good buying opportunity.
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