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CRB Index Up Against Long Term Resistance

Commodities / CRB Index Jan 28, 2011 - 07:27 AM GMT

By: Seven_Days_Ahead

Commodities

After a major low in 2009 the CRB Index started its recovery, a second upleg getting underway in May last year. Fairly steady progress has now seen the Index starting to test the next key resistance area, and we currently await reaction here.


The Commodity Specialist view

WEEKLY CHART:

Recovery has so far been pushing at resistance from the bull channel top projection, which lies just ahead of the 50% recovery level, and then 341 equality target (Feb-09/ Jan-10 upmove extended off the May low).

All this provides a key resistance area which looks likely to encourage some sort of pullback phase.

 DAILY CHART:

The Index is currently consolidating, keeping below the bull channel top projection at 350 now.

While first support is offered by the 320.38 Nov high (and rising support line), more key is the s/term channel base at 313.00 currently – a breach of this would imply that a more prolonged correction phase was in process. We could then calculate deeper potential supports.

The picture remains bullish for now, but bulls are on the alert.

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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