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Technical analysis of Commodities (Crude, Softs & Grains)

Apologies for not posting the details of the studies along with charts. Trying to be as brief as possible



Crude oil: Crude has shown increase in momentum. As earlier, it is futile to call a top on something that is running without leash. The best we can do is trade in the direction of trend with trailing stop losses. The level of 129 is important in short term. The prices may retrace to these levels. If the prices sustain below 129, it is likely to head to 124 regions else the targets of oil would be in the range of 138 and 143.



Rice: Rice has been a darling, moving exactly as we thought it might. The prices have corrected from the higher angles and moved to lower angles. It is likely to find support here. The RSI has not yet bottomed by seems very close to bottom, all in all, rice should recover around these levels.




Wheat: Wheat is the most bullish of the stock in the sense of risk-reward. The support of 750 is unlikely to be broken. The prices are likely to retrace to 890-900 levels (also closing the falling gap) before retesting the bottoms here. Since, 750 is such a key support, I do not expect it to be broken in hurry.



Soybeans: This is interesting chart. This is bullish in all aspects from the perspective of commodities. But considering the 'fear premium' that has been factored in, the chances of it falling also are very high. With the crude rising higher, the 'premium' should actually increase. The ascending triangle is likely to be broken on first week of June (using Gann crossover signals)
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  1. Jas26 May 2008 at 18:35

    my RSS reader defaulted, so had to track down ur blog. got it finally!

    lot to catch up on here, and y such a sudden interest in presentation aspect?

    ReplyDelete

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