Sunday, November 01, 2009
Commodity Weekly Summary
Rough rice is making its move. Expect it to go higher.
Gold monthly chart is not yet overbought. Currently under correction (after hitting overbought zone in the weekly chart). Therefor, this is a good opportunity to get into this play.
Crude oil futures keep going up even though the financial crisis is not yet over. Are speculators responsible for this or is it because of the fear of peak oil? Since crude oil has gone up so much in October, I expect it to correct a bit before resuming its uptrend.
I think that CPO have found a new base and is now building strength for the next rally. If it can close above 2400, then the rally should heat up.