Wednesday Commodity Round-Up

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Notice the following on the weekly chart:

-- Prices are at or near their lowest point in over three years

-- Prices have taken a nosedive over the last 5 months

-- The shorter SMAs are below the longer SMAs

-- All the SMAs are moving lower

-- Prices are below all the SMAs

BUT

-- The MACD is oversold

-- The RSI is oversold big time



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Notice the following on the daily chart:

-- Prices have continually moved lower over the last 5 months

-- All the SMAs are moving lower

-- The shorter SMAs are below the longer SMAs

-- Prices have continually used the 20 day SMA as upside resistance over the last 4 months and are doing so now.

BUT

-- The MACD has been rising for the last month and a half and

Bottom line: this is an index that wants to rally. The weekly RSI and MACD and the daily MACD are all signaling an oversold condition. But, right now there is no fundamental catalyst. The OPEC announcement might help, but we will have to wait and see.