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CRB Commodities Index Slide Nearing Support Area

Commodities / CRB Index Jun 04, 2010 - 03:18 AM GMT

By: Seven_Days_Ahead

Commodities

Best Financial Markets Analysis ArticleEarly 2010 negative signals in the CRB Index called for a bearish stance, with the Feb/Apr recovery attempt viewed as temporary. A subsequent resumption of the bear move has now seen the Index approaching an interesting technical support area where support, and a rebound, is likely.


The Commodity Specialist view

MONTHLY CHART:

The Index failed to overcome resistance from around the 284.61 Jan-07 low – this was marked by a negative Key Reversal Month in Jan, heralding a corrective phase.

The current assumption is that rallies will continue to be short-lived for now.

DAILY CHART:

The Index earlier tried and failed to overcome resistance at 280.00.

Violation of the 38.2% support level and 256.89 Feb low strengthened the bear case, but the downward run could soon be interrupted by support in the 244.00/239.00 area. This includes an equality target (293.75/256.89 downleg extended off the Apr 280.83 high), bear channel base projection, and a lower Fibo projection.

S/term support is likely around here, although rally attempts should not be long-lasting. Beyond the 256.89 Feb low note resistance offered by the 266.64 26-Mar low

Mark Sturdy
John Lewis

Seven Days Ahead
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Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

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