Sunday, October 11, 2009

Commodity Summary

Crude Oil Futures Daily Chart

Looks like a rising wedge pattern for crude oil. A buy triggered on the daily chart. This means that it should challenge the upper resistance at around 75.00.

Gold Futures Weekly Chart

That is definitely a breakout for gold! Weekly chart is not yet overbought. So, can expect some more gain. If you look at the monthly chart, this bubble can sure go a long way before it burst.

The summary for others:
Commodity Monthly Weekly Daily
Gold Up Up Up
Crude Oil Up Up (+) Up (+)
Crude Palm Oil Down Down Down
Rough Rice Neutral Neutral Neutral (+)

I have not put in other agriculture futures in the table above. Too lazy. But I should say that most of the agriculture futures have made a bullish divergence. So, watch out for agriculture plays in the future.

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