Wednesday, 14 March 2012

Commodities - on the edge of snapping lower

Interestingly, despite the recent major market ramp to new highs, commodities - and their related stocks are still not participating.

 CRB - weekly, 5 year overview


CRB could be putting in a bear flag. The MACD cycle is certainly suggesting a rollover, with a target 'snap'  within about 2-4 weeks.


CRX - Commodity related stocks


The CRX remains arguably the last real super bearsh chart out there right now.  Just like the CRB itself, its around 2-4 weeks from a possible major snap lower.


Oil - main trend higher, but weakening momentum






Oil looks like viable for a pull back from current $105 to $94, most bearish target would be the VERY key channel support of $83/85.
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*I will post an update on the metals later, GDX (miners ETF) deserves a good mention too!