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Brent crude oil price rise nears resistance while sugar bounces off nine-month low and corn slips

Outlook on Brent crude oil, corn and sugar futures ahead of the festive season.

original-size.webpSource: Bloomberg
 
 

 Axel Rudolph FSTA | Senior Financial Analyst, London | Publication date: 

Brent crude oil on track for sixth consecutive day of gains

Brent crude oil futures have risen for five straight days as Red Sea shipping concerns unnerve traders and are heading towards the October-to-December downtrend line at 80.62. Further up meanders the 200-day simple moving average (SMA) at 81.64 which may also act as resistance. Support below the 79.18 early November low is seen around the 14 December high at 77.44.

original-size.webpSource:ProRealTime

Corn price slips towards three-year low

Front month corn futures are slipping back towards their November three-year low at 471 as Brazil pulls ahead of the US as the biggest supplier of the commodity to China. A fall through 471 would engage the June 2019 high at 466.7 and mean that the major support zone which has held since August, has finally given way. Minor resistance above the 13 December low at 480 can be seen along the 55-day simple moving average (SMA) at 488.69.

original-size.webpSource:ProRealTime

Sugar #11 recovers from nine-month low

Front month sugar futures prices plummeted from their 12-year high by over 25% over the past few weeks as supply concerns ease, dropping to 20.56, a nine-month low, before trying to regain some lost ground. Short-covering is taking the futures back to Friday’s low at 21.38. While Friday’s high at 22.14 isn’t overcome, though, the steep downtrend remains intact with the psychological 20.00 mark remaining in sight.

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Source:ProRealTime
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  • 3 weeks later...

Oil drops on Saudi price cuts, gold and silver prices also under pressure

Outlook on Brent crude oil, gold and silver as Saudi Arabia reduces February official selling price for Asia.

Oil in hand imageSource: Bloomberg
 

 Axel Rudolph FSTA | Senior Financial Analyst, London | Publication date: 

Brent crude oil takes hit on Saudi price cuts

Oil - Brent Crude fell by over 3% on Monday as Saudi Arabia announced a reduction in the February official selling price (OSP) of its primary Arab Light crude oil for Asia by $2 to $1.50 a barrel above the benchmark, its lowest level in 27 months. It did so amid increasing global supply, especially from non-OPEC producers, and dwindling demand.

The front month futures contract held above last week’s 74.81 low, though. Were it to give way, the 7 December low at 73.69 would likely represent the next downside target ahead of the 72.50 December low.

Resistance can now be spotted around Friday’s 77.60 low ahead of the October-to-January downtrend line at 79.22 and last week’s 79.35 high.

Brent Crude Oil Futures Daily ChartSource: ProRealTime

Gold price continues to slide

Spot Gold’s drop from its $2,088 per troy ounce late December high amid an appreciating US dollar has so far taken it to Monday’s $2,017 low from where it is trying to recover. Slightly further down support can be found along the 55-day simple moving average (SMA) at $2,014 and, more significantly, between the October and late November highs at $2,009 to $2,007.

Resistance above the breached October-to-January uptrend line, now because of inverse polarity a resistance line, at $2,038 can be spotted at Friday’s $2,064 high. While remaining below it, downside pressure should retain the upper hand.

Spot Gold Daily ChartSource: ProRealTime

Silver price hovers above support

Spot Silver (5000oz)’s descent from its late December per troy ounce high at $24.60 on the back of an appreciating US dollar took it to last week’s $22.84 low, above which it has been hovering since. Slightly below it remains the $22.51 December low which should act as support, were it to be retested. Further down sits the November low at $21.89.

Minor resistance above Tuesday’s $23.37 intraday high can be seen between Friday’s high and the 55- and 200-day simple moving averages (SMA) at $23.51 to $23.66. While this resistance area caps, downside pressure should continue to dominate.

Spot Silver Daily ChartSource: ProRealTime

 

 

This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

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Gold price rallies while oil & natural gas prices struggle

While gold is moving higher to start the week, oil prices and natural gas prices have seen a more mixed morning of trading.

GoldSource: Bloomberg
 

 Chris Beauchamp | Chief Market Analyst, London | Publication date: 

Gold marches higher

The price is making headway to the upside this morning, building on the strong finish to last week.

Last week saw the price bounce off the 50-day simple moving average (SMA), forming a higher low and reviving the uptrend. Friday saw the price close above trendline resistance from the late-December high, bolstering the bullish short-term narrative.

A close back below $2030 would negate this, while a drop back below the 50-day SMA points towards the possibility of additional short-term weakness.

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Spot GoldSource: ProRealTime

Surge in Brent crude knocked back

The volatility in crude oil prices continues. Friday witnessed a spike to $80 for Brent, in anticipation of the US/UK military action against the Houthis in Yemen.

However, the spike was short-lived, and the close below the 50-day SMA sends a potentially bearish signal. Sellers now need to follow through on this with a break below $75 that will open the way to the lows of December.

Buyers have been unable to hold on to gains over the past few months, and in the short-term a close above $80 and then the late December high at $81.40 would provide a short-term bullish view.

Brent crude daily chartSouce: ProRealTime

Natural Gas gaps lower

After the surge from the December lows, the price has hit a road block, slumping back to the 200-day SMA, though leaving the uptrend from the lows of December intact.

A close below 2670 would be needed to break trendline support from mid-December, which would reinforce the view that a lower high has been created. This might then renew the downtrend from early-November and put the lows of late December in play.

Renewed strength targets last week’s highs around 2975, and a close above 3000 marks a fresh bullish development.

Natural Gas daily chartSource: ProRealTime

 

 

This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

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Oil, gold and silver prices slide on greenback strength

Outlook on Brent crude oil, gold and silver ahead of US retail sales publication.

original-size.webpSource: Bloomberg
 Axel Rudolph FSTA | Senior Financial Analyst, London | Publication date: 

Brent crude oil price slides

The price of Brent crude oil once again slides as a stronger Us dollar and global demand concerns overshadow heightened tensions in the Middle East ahead of Wednesday’s API crude oil inventories. Monday’s low and the December-to-January uptrend line at 76.71 to 76.36 are thus back in play. More significant support comes in at last Monday’s 75.21 low and the previous week’s 74.81 low. Were this support zone to be fallen through, the 7 December low at 73.69 would represent the next downside target ahead of the 72.50 December low. Resistance above Wednesday’s intraday high at 77,71 comes in between Tuesday’s high and the 55-day simple moving average (SMA) at 79.16 to 79.32.

original-size.webpSource: ProRealTime

Gold price pushed lower amid strong greenback

Spot gold’s slide from last week’s $2,062 per troy ounce high amid a strengthening US dollar has taken it back to the 55-day simple moving average (SMA) at $2,019, below which lies last week’s low at $2,014. Were it to give way, the October and late November highs at $2,009 to $2,007 would be back in sight. Minor resistance above Wednesday’s $2,033 intraday high sits at last Wednesday’s $2,040 high with further resistance to be found at Monday’s $2,046 low.

original-size.webpSource: ProRealTime

Silver price slides towards current January low

Spot silver’s descent from last week’s $23.53 per troy ounce high is fast approaching last week’s $22.48 low as a rising greenback makes the purchase of the precious metal less attractive. A drop through the $22.48 current January low would likely engage the November low at $21.89. Minor resistance above Wednesday’s $22.94 intraday high can be seen at Monday’s $23.11 low ahead of the more significant 5 to 12 January highs at $23.51 to $23.53.

original-size.webpSource: ProRealTime

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Oil price rises on heightened Iran/Pakistan tensions while cotton and orange juice slip

Outlook on WTI, cotton and orange juice.

original-size.webpSource: Bloomberg
 Written by: Axel Rudolph FSTA | Senior Financial Analyst, London | Publication date: 

WTI rises on Iran/Pakistan missile hits

Front month WTI futures swiftly reversed their recent minor downtrend which took these to Wednesday’s 70.61 low as Pakistan has responded to Iran's strikes on terrorist groups inside the former with an attack of its own. Tuesday’s high and the 55-day simple moving average (SMA) at 73.66 to 74.03 are thus back in sight. Further up lurks last week’s 75.27 high which also presents a potential resistance level. Support below Tuesday’s 71.85 low sits at Monday’s 71.38 low and the 71.33 late December low. The December-to-January uptrend line and Wednesday’s low at 70.61 to 70.50 offer further support. While the next lower current January low at 69.41 holds, a medium-term bullish reversal may unfold.

original-size.webpSource: ProRealTime

Cotton price flirts with December high

Front month cotton futures have been steadily rising since the beginning of the year and have now reached the 200-day simple moving average (SMA) at 83.02 which capped on Wednesday. The next higher December high at 83.17 nonetheless remains in sight. If overcome, the 85.00 region could be in focus as well. Medium-term upside pressure should be maintained while the last reaction low on the daily chart at 81.33, made on Tuesday, underpins on a daily chart closing basis. Minor support above this level can be seen at Thursday’s 82.31 intraday low and the early January 82.23 high. Tuesday’s high at 82.04 may also act as support, were it to be revisited at all.

original-size.webpSource: ProRealTime

Orange juice futures approach five-month low

Front month orange juice futures have resumed their descent and are swiftly approaching their May high and August trough at 287.24 to 287.21 which may offer interim support. If fallen through, the April peak at 280.38 would be next in line. Resistance above Thursday’s 293.31 intraday high sits at Friday’s 301.73 low. While Friday’s high at 308.90 caps, downside pressure should prevail.

original-size.webpSource: ProRealTime
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Oil, gold and silver prices rise amid heightened Middle East tensions

Outlook on TI, gold and silver ahead of key US data later this week.

original-size.webpSource: Bloomberg
 Written by: Axel Rudolph FSTA | Senior Financial Analyst, London | Publication date: 

WTI rises on heightened Red Sea tensions

Front month WTI futures continue to grind higher as investors weigh up escalating geopolitical tensions around the Red Sea with demand-side uncertainties and recovering global supply. The rise from last Wednesday’s 70.61 low has so far taken the front month futures contract to Monday’s 75.45 three-week high, a rise above which would engage the 76.20 late December peak and the 200-day simple moving average (SMA) at 77.28. The rise in the oil price is underpinned by a one-week uptrend line at 73.86 and the 55-day SMA at 73.75. While Monday’s low at 72.57 isn’t giving way, further upside should be seen.

original-size.webpSource: ProRealTime

Gold price side-lined

Spot gold’s slide from last week’s $2,062 per troy ounce high amid a strengthening US dollar has taken it back to the 55-day simple moving average (SMA) at $2,023 along which it has been trading for the past week while remaining above last week’s low at $2,002. Further range trading between this low and Friday’s high at $2,039 is at hand. More resistance is to be found at last Monday’s $2,046 low.

original-size.webpSource: ProRealTime

Silver price bounces off January trough

Spot silver’s descent from its mid-January $23.53 per troy ounce high rapidly took it to Monday’s $21.93 low which was made marginally above its $21.89 mid-November low. The rise above Tuesday’s daily candlestick Harami high at $22.46 points to a probable bullish trend reversal with the 4 January low at $22.69 representing the first hurdle. Once bettered, the December-to-January downtrend line at $23.14 should be back in sight. Support below Wednesday’s $22.35 low lies in the $21.93 to $21.89 region.

original-size.webpSource: ProRealTime
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Oil price slides on demand concerns while corn and wheat prices also drop

Outlook on WTI, corn and wheat ahead of Wednesday’s US FOMC meeting.

original-size.webpSource: Bloomberg
 Written by: Axel Rudolph FSTA | Senior Financial Analyst, London | Publication date: 

WTI slips on demand concerns

Front month WTI futures swiftly reversed their early Monday morning gains to 78.87 following a deadly drone attack on a US military base in Jordan by Iran-backed militia as China demand concerns outweighed the fear of an escalation in the Middle East. The fall through the 200-day simple moving average (SMA) at 77.27 puts the one-month uptrend line at 76.48 and also the late December high at 76.20 on the map. If slipped through, the 12 and 22 January highs at 75.45 to 75.27 would be eyed next. Minor resistance above the 200-day SMA at 77.27 sits at Friday’s 78.22 high ahead of Monday’s 78.87 near two-month peak.

original-size.webpSource: ProRealTime

Corn price slips to mid-January low

Front month corn futures trade back in three-year lows and have so far fallen to 455, to their mid-January low which was made below the 460.1 July 2019 high, with the November 2020 high at 438 representing the next downside target. Minor resistance sits at the 451.8 low seen on Friday followed by the 22 January high and Thursday’s low at 454.0 to 454.1. More significant resistance lies at last week’s 459.5 peak.

original-size.webpSource: ProRealTime

Chicago Wheat prices resume their descent

Chicago wheat front month futures prices have resumed their descent and are seen sliding back towards their November-to-January uptrend line at 585.5 which lies above the mid-January low at 581. Minor resistance can be spotted along the 55-day simple moving average (SMA) at 607. While last week’s high at 623 isn’t overcome, the medium-term trend remains bearish.

original-size.webpSource: ProRealTime
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Stronger US dollar sinks gold, WTI and silver prices

Friday’s impressive US jobs report gave the dollar a big lift, while putting fresh pressure on commodity prices.

original-size.webpSource: Bloomberg
Written by: Chris Beauchamp | Chief Market Analyst, London
 
Publication date: 

Gold goes into reverse

Friday’s strong payroll report bolstered the dollar and hit gold, though it managed to hold its ground above the 50-day simple moving average (SMA). However, it is a different story this morning. The price has fallen sharply in early trading and is now back below the 50-day SMA. It is testing previously-broken trendline resistance from the late December high. If this holds, then buyers will need to push the price on above $2060 to signal a renewed bullish outlook. Conversely, further declines below the mid-January low at $2000 will open the way to the 100-day SMA, and then to the early December low around $1975.

original-size.webpSource: ProRealTime

WTI pullback reaches trendline support

Friday’s sharp losses built on the existing weakness in oil prices, and took WTI back below the 50-day SMA. This has reversed almost all of the bounce seen since mid-January, and fresh losses appear to beckon. This then takes the price on towards $70.45, an area of support during the first half of January. Below this lies the lows of December around $68.40. Buyers will need a recovery above $74 to suggest that a low has formed for now. One hope for a recovery remains in the form of potential trendline support from the December low.

original-size.webpSource: ProRealTime

Silver price slump intensifies

Silver prices suffered a reverse on Friday, and have taken further losses this morning, like gold. Having rallied from their mid-January low, the price hit resistance around $23.25 as they did earlier in January. A turn lower has taken the price back below trendline resistance from early December, and now a move to the $22 low of January. Notably, this was also the low from mid-November, before the price began its sharp ascent into the December high. A close below these lows could see further losses towards October’s bottom around $20.80.

original-size.webpSource: ProRealTime
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Gold, Brent and natural gas prices all struggle

Commodity prices have been unable to make much headway this morning, with even oil prices seeing their recent rally begin to falter.

original-size.webpSource: Bloomberg
 
 

Written by: Chris Beauchamp | Chief Market Analyst, London
 
Publication date: 

Gold clings to trendline support

Gold’s period of disappointing performance continues, though it has been able to hold rising trendline support from early December. A close back above the 50-day simple moving average (SMA) would open the way to another test of recent highs at $2060, and then on to $2070 and then the December high at $2086. A close below the trendline would mark a bearish development and suggest a move towards $2000, or down to the December lows.

original-size.webpSource: ProRealTime

Brent rally stalls

After four days of gains, the price has returned to the 200-day SMA. Friday saw the price move above this level and just about hold above it, but the 100-day SMA appeared to act as a resistance. A close back below $80 could signal that the price has formed a lower high, and that a return to the lows of last week could develop. A close above the 100-day SMA would help maintain the bullish outlook and open the way to the $84, the late January high.

original-size.webpSource: ProRealTime

Natural Gas slumps

The major decline in natural gas prices goes on. The price has broken through the early 2023 lows, and now further declines towards the 1644 support level beckon, while beyond this lies the 1517 low from mid-2020. After such sharp losses over the past week, a rebound could develop, but for now trendline resistance from early January stands in the way of any further upside.

original-size.webpSource: ProRealTime
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Gold, Brent and natural gas prices all struggle

Commodity prices have been unable to make much headway this morning, with even oil prices seeing their recent rally begin to falter.

original-size.webpSource: Bloomberg
Written by: Chris Beauchamp | Chief Market Analyst, London
 
Publication date: 

Gold clings to trendline support

Gold’s period of disappointing performance continues, though it has been able to hold rising trendline support from early December. A close back above the 50-day simple moving average (SMA) would open the way to another test of recent highs at $2060, and then on to $2070 and then the December high at $2086. A close below the trendline would mark a bearish development and suggest a move towards $2000, or down to the December lows.

original-size.webpSource: ProRealTime

Brent rally stalls

After four days of gains, the price has returned to the 200-day SMA. Friday saw the price move above this level and just about hold above it, but the 100-day SMA appeared to act as a resistance. A close back below $80 could signal that the price has formed a lower high, and that a return to the lows of last week could develop. A close above the 100-day SMA would help maintain the bullish outlook and open the way to the $84, the late January high.

original-size.webpSource: ProRealTime

Natural Gas slumps

The major decline in natural gas prices goes on. The price has broken through the early 2023 lows, and now further declines towards the 1644 support level beckon, while beyond this lies the 1517 low from mid-2020. After such sharp losses over the past week, a rebound could develop, but for now trendline resistance from early January stands in the way of any further upside.

original-size.webpSource: ProRealTime
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Gold and oil prices still rising but cocoa comes under pressure

While gold and WTI have moved higher in recent sessions, cocoa prices have fallen back from record highs.

original-size.webpSource: Bloomberg
Written by: Chris Beauchamp | Chief Market Analyst, London
 
Publication date: 

Gold still rising

The price continues to gain, rallying off the lows seen last week, and could now push higher and challenge previously-broken trendline support. Beyond this would like trendline resistance from the early December record high, which held back progress at the beginning of February. From there the price would target horizontal resistance at $2060. A reversal back below the 100-day simple moving average (SMA) might indicate that another test of last week’s low at $1984 was possible.

original-size.webpSource: ProRealTime

WTI holding above 200-day moving average

Last week saw the price push on and close above the 200-day SMA for the first time in three weeks. Further gains now target the late January high at $78.94, and then on to the $80 high that marked the peak in November. A Overall a short-term bullish view continues to prevail, with the price having created higher highs and higher lows since the December low. With this in mind, a pullback towards trendline support from December could see the price head back below $74 and the 50-day SMA but leave the bullish view intact. A close below $73 might begin to suggest a fresh bearish view, targeting the February low at $71.30.

original-size.webpSource: ProRealTime

Cocoa prices drop back

Cocoa prices have finally seen a pullback from their record highs, though this only takes them to a one-week low. Short-tern trendline support from the January low comes into view around 5280. A break below this could see the price head back to 4755, or on to the rising 50-day SMA. The solid uptrend seen since the end of 2022 has recently morphed into a more dramatic move higher, though the price could drop back towards 4500 without even beginning to imperil the overall move higher.

original-size.webpSource: ProRealTime
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Gold price and silver price look for gains but Brent crude price under fresh pressure

While precious metals have seen some renewed upside, oil prices have taken a hit in early trading.

original-size.webpSource: Bloomberg
Written by: Chris Beauchamp | Chief Market Analyst, London
 
Publication date: 

Gold back at trendline resistance

The price rallied over the past two weeks, and has now returned to trendline resistance from the December record high. A close above $2040 would help to suggest a break of trendline resistance, which then opens the way to the early February high around $2064, with horizontal resistance at $2060 just before this. A close back below $2030 would begin to suggest a new lower high has been created and that a push back to the February low at $1984 could now begin.

original-size.webpSource: ProRealTime

Brent crude heads lower

Oil prices fell sharply on Friday, and the new week has begun with fresh losses. Mid-February saw Brent’s rally falter around $83, and this topping out appears now to have given way to a turn lower. The price has broken below trendline support from the December low, though this also happened earlier in February and was followed up by a recovery. Further declines would take the price to the 50-day simple moving average (SMA), and then beyond this lies February’s low around $77. Bulls will need a close back above $81.50 to indicate that trendline support has been recovered.

original-size.webpSource: ProRealTime

Silver losses halted

The selling in silver was stemmed on Friday, as the price rebounded after a tough week. The price is pushing higher off its overnight lows, with short-term gains above $23.20 helping to support a cautiously bullish view. The next target becomes the mid-February high at $23.50. A close above this could mark the end of the consolidation in silver that has been ongoing since the beginning of the year. Alternately, a close back below $22.50 would open the way to the 2024 lows at $22.

original-size.webpSource: ProRealTime
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WTI recovers on supply worries, cotton price nears 1 1/2 year high as Arabica coffee price falls

While oil and cotton price rise, Arabica coffee prices fall ahead of this week’s US GDP estimate and inflation data releases.

original-size.webpSource: Bloomberg
Written by: Axel Rudolph FSTA | Senior Financial Analyst, London
 
Publication date: 

WTI recovers from Monday’s low

Front month WTI futures are recovering from Monday’s 75.77 low amid ongoing shipping disruptions and repeated breakdowns in talks for a Gaza cease fire that raise supply worries. The 200-day simple moving average (SMA) at 77.68 is being retested, a rise above which would have the November-to-February resistance line and last week’s high at 78.80 to 78.84 in its sights. Minor support sits at the 21 February 76.31 low ahead of Monday’s 75.77 low.

original-size.webpSource: ProRealTime

Cotton price rises to near 1 ½ year high

Front month cotton futures have resumed their ascent to their 96.38 near one-and-a-half-year high above which sits the psychological 100.00 mark. Immediate upside pressure should be maintained while Monday’s low at 92.50 underpins. Below it lies last week’s low at 90.89. Only a currently unexpected bearish reversal and fall through that low would indicate a topping formation. As long as it holds, the medium-term bullish trend will stay firmly entrenched.

original-size.webpSource: ProRealTime

Arabica coffee futures prices slip through uptrend line

Front month Arabica coffee futures topped out at their 194.06 to 194.32 late January and early February highs and are now trading in near six-week lows, having last week fallen through their October-to-February uptrend line. The 8 January low at 178.56 is now in sight, a drop trough which would engage the 174.03 January trough. Minor resistance sits at last week’s 182.39 low and can also be seen along the breached uptrend line at 185.45. Further up meanders the 55-day simple moving average (SMA) at 186.63.

original-size.webpSource: ProRealTime

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WTI slips on large US stock build while silver price falls and Chicago wheat stays range bound

 

original-size.webpSource: Bloomberg
Written by: Axel Rudolph FSTA | Senior Financial Analyst, London
 
Publication date: 

WTI declines on large US stock build

Front month WTI futures have once again been rejected by their mid-November to February 78.87 to 79.62 resistance zone amid a large US stock build. The oil price slid back to the 200-day simple moving average (SMA) at 77.73 around which it is expected to oscillate over the coming days. While this week’s low at 75.77 underpins, the medium-term uptrend will remain intact, though. Minor support ahead of this level sits at the 21 February 76.31 low.

original-size.webpSource: ProRealTime

Silver price remains under pressure

Spot silver’s descent from its $23.50 per troy ounce February peak is taking it back to its January and February lows at $21.94 to $21.93. On the way down lies the 8 February low at $22.15. Minor resistance above the February downtrend line at $22.67 sits at the 4 January low at $22.69.

original-size.webpSource: ProRealTime

Chicago Wheat prices still hover above major support

Chicago wheat front month futures continue to hold above their key 557 to 552 September and November lows which offered support in February. Further sideways trading above this key support zone and below last week’s 594 high remains at hand. Above it the December-to-February downtrend line can be spotted at 600. Support above the 557 to 552 area lies at last week’s 561 low.

original-size.webpSource: ProRealTime

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    • USD/CHF Elliott Wave Analysis Trading Lounge Day Chart, 1 March 24   U.S.Dollar/Swiss Franc (USD/CHF) Day Chart USD/CHF Elliott Wave Technical Analysis FUNCTION: Trend   MODE: Impulsive   STRUCTURE: blue wave 1   POSITION: Black wave 3   DIRECTION NEXT LOWER DEGREES:blue wave 1 (started)   DETAILS: blue wave Y of 2 looking completed at 0.88958 . Now blue wave 1 of 3 is in play . Wave Cancel invalid level: 0.88958   The "USD/CHF Elliott Wave Analysis Trading Lounge Day Chart" dated 1 March 24, provides an in-depth examination of the U.S. Dollar/Swiss Franc (USD/CHF) currency pair using Elliott Wave analysis. The analysis, conducted on the daily chart, is geared towards understanding the prevailing trend dynamics and forecasting potential future movements within the broader wave structure. The identified "FUNCTION" is "Trend," indicating that the analysis is primarily concerned with identifying and navigating the existing trend in the USD/CHF pair. The focus is on capturing the directional movement of prices over a more extended period. The specified "MODE" is "Impulsive," suggesting that the current market conditions are characterized by forceful and decisive price movements aligned with the overall trend. This implies that the USD/CHF pair is exhibiting strong directional momentum. The described "STRUCTURE" is "Blue wave 1," representing a specific phase within the Elliott Wave pattern. The analysis emphasizes the development and progression of blue wave 1, indicating a significant upward movement within the broader wave structure. The identified "POSITION" is "Black wave 3," signifying the current placement within the larger Elliott Wave pattern. Black wave 3 represents a higher-degree wave, suggesting a powerful phase in the upward trend of the USD/CHF pair. Regarding "DIRECTION NEXT LOWER DEGREES," the emphasis is on "Blue wave 1 (started)." This highlights the initiation of the next phase within the Elliott Wave pattern, indicating the continuation of the upward trend. The "DETAILS" section notes that "blue wave Y of 2 looking completed at 0.88958." This signifies the completion of a specific subwave within the Elliott Wave pattern. It further states that "blue wave 1 of 3 is in play," indicating the continuation of the upward trend and the start of the next higher-degree wave. The "Wave Cancel invalid level" is set at 0.88958, serving as a crucial reference point. A breach beyond this level would invalidate the current wave count, necessitating a reassessment of the analysis. In summary, the USD/CHF Elliott Wave Analysis for the daily chart on 1 March 24, underscores a focus on the impulsive and trending nature of the market. The analysis anticipates the continuation of the upward trend, with specific attention to the completion of sub waves and the initiation of the next higher-degree wave. The Wave Cancel invalid level at 0.88958 serves as a critical marker for potential shifts in the wave count and trend dynamics.   USD/CHF Elliott Wave Analysis Trading Lounge 4 Hour  Chart, 1 March 24   U.S.Dollar/Swiss Franc (USD/CHF) 4 Hour Chart USD/CHF Elliott Wave Technical Analysis FUNCTION: Trend   MODE: Impulsive   STRUCTURE: blue wave 1   POSITION: Black wave 3   DIRECTION NEXT LOWER DEGREES:blue wave1 (started)   DETAILS: blue wave Y of 2 looking completed at 0.88958 . Now blue wave 1 of 3 is in play . Wave Cancel invalid level: 0.88958   The "USD/CHF Elliott Wave Analysis Trading Lounge 4 Hour Chart" dated 1 March 24, presents a detailed technical analysis of the U.S. Dollar/Swiss Franc (USD/CHF) currency pair using Elliott Wave principles. The analysis primarily focuses on the 4-hour chart, emphasizing the current phase and potential future movements within the broader structure. The identified "FUNCTION" is "Trend," indicating that the analysis is oriented towards capturing and understanding the prevailing direction of the market. In this case, the emphasis is on recognizing and navigating the existing trend in the USD/CHF pair. The specified "MODE" is "Impulsive," suggesting that the current market conditions are characterized by strong and decisive price movements in the direction of the trend. This aligns with the overall trend function identified in the analysis. The described "STRUCTURE" is "Blue wave 1," which represents a specific phase within the Elliott Wave pattern. The analysis focuses on the development and progression of blue wave 1 as part of the broader wave structure. The identified "POSITION" is "Black wave 3," indicating the current placement within the larger Elliott Wave pattern. Black wave 3 signifies a higher-degree wave within the overall structure, suggesting a significant and powerful phase in the upward trend. Regarding "DIRECTION NEXT LOWER DEGREES," the emphasis is on "Blue wave 1 (started)." This highlights the initiation of the next phase within the Elliott Wave pattern, reinforcing the impulsive nature of the current trend. The "DETAILS" section notes that "blue wave Y of 2 looking completed at 0.88958." This signifies the completion of a specific subwave within the Elliott Wave pattern, and it states that "blue wave 1 of 3 is in play," indicating the continuation of the upward trend. The "Wave Cancel invalid level" is set at 0.88958, serving as a crucial reference point. A breach beyond this level would invalidate the current wave count, prompting a reevaluation of the analysis. In summary, the USD/CHF Elliott Wave Analysis for the 4-hour chart on 1 March 24, underscores a focus on the impulsive and trending nature of the market. The analysis anticipates the continuation of the upward trend, with specific attention to the completion of sub waves and the initiation of the next higher-degree wave. The Wave Cancel invalid level at 0.88958 serves as a critical marker for potential shifts in the wave count and trend dynamics. Technical Analyst : Malik Awais Source : Tradinglounge.com get trial here!    
    • Elliott Wave Analysis TradingLounge Daily Chart, 4 March 24, Dogecoin/ U.S. dollar(DOGEUSD) DOGEUSD Elliott Wave Technical Analysis Function: Follow Trend Mode: Motive Structure: Impulse Position: Wave III Direction Next higher Degrees: Wave (I) of Impulse Wave Cancel invalid Level: 0.0770 Details: Wave III is Equal to 161.8% of Wave I at 0.1575 Dogecoin/ U.S. dollar(DOGEUSD)Trading Strategy: Dogecoin has entered a full-blown uptrend. Which is currently an increase of Wave III with a chance to test the level of 0.1575. Therefore, Dogecoin overall is in an uptrend. And there is still a chance to increase continuously. Dogecoin/ U.S. dollar(DOGEUSD)Technical Indicators: The price is above the MA200 indicating an Uptrend, Wave Oscillator is a bullish Momentum. TradingLounge Analyst: Kittiampon Somboonsod, CEWA Source : Tradinglounge.com get trial here!         Elliott Wave Analysis TradingLounge 4Hr Chart, 4 March 24, Dogecoin/ U.S. dollar(DOGEUSD) DOGEUSD Elliott Wave Technical Analysis Function: Follow Trend Mode: Motive Structure: Impulse Position: Wave III Direction Next higher Degrees: Wave (I) of Impulse Wave Cancel invalid Level: 0.0770 Details: Wave III is Equal to 161.8% of Wave I at 0.1575 Dogecoin/ U.S. dollar(DOGEUSD)Trading Strategy: Dogecoin has entered a full-blown uptrend. Which is currently an increase of Wave III with a chance to test the level of 0.1575. Therefore, Dogecoin overall is in an uptrend. And there is still a chance to increase continuously. Dogecoin/ U.S. dollar(DOGEUSD)Technical Indicators: The price is above the MA200 indicating an Uptrend, Wave Oscillator is a bullish Momentum.    
    • Crypto trading is a bit complicated when it comes to understanding the dynamics in profit making. Some people are more inclined to technical analysis which of course has been the widely used trading tool but some are more inclined to fundamentals but sticking to fundamentals alone could be highly risky in my own opinion even though crypto is also financial instrument that often respond to news updates.  A blend of the two could provide a safety net for traders in minimizing losses compared to potential profit. The above case scenario is largely attributed to perp futures trading and other derivatives. TA and FA could also be very useful for spot trading but I feel timely listing of projects could largely determine one's profit from investing in a project. These may not be for all projects cos some are **** coins. This could be a personal perspective but I have noticed listing speed is also another important factor to consider along with project fundamentals when trading and if we are to include listing speed as a factor for choosing trade then it will affect our choice of trading platform cos some are more inclined to top cap projects while others are more inclined low cap gems.   My experience with ORDI has proven this trading skill rewarding. ORDI was first listed on Bitget before other exchange joined the listing party after it saw rapid adoption reflecting in it significant MCap growth. This chart should give us a glimpse of my experience with this strategy.
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