Sunday, November 22, 2009

Commodity Summary

CPO Futures Weekly Chart

CPO: Breakout. Should go back down to test the breakout.

Crude Oil Futures Weekly Chart

Crude Oil: Fake buy signal (refer to to my previous post). Looks like strong selling at 80.00. I still think that crude oil will hit 100 because the weekly RSI is in the 60s (bullish) but not yet hit 70s (overbought). I just don't know when.

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

One thing that I observe is that grain price are going up again (i.e. soybeans, wheat, oat, rice). Is this due to a weak USD or falling grain supply?

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