The weekly industrial metals chart is still bullish. First, the MACD and the RSI are still rising. Prices have broken out of the consolidation pattern. In addition, prices are using the 10 week SMA as technical support. The 10 and 20 week SMA are both rising with the 10 above the 20.
The daily chart shows a mixed situation. While prices are technically still in an uptrend they have sold off from their peak a few weeks ago and have yet to move through the previous high. The RSI and MACD confirms the weakening of the price picture.
The weekly agricultural chart is bullish. Notice the rising MACD and RSI. The RSI is only at a reading around 50 so it has plenty of room to move higher as does the MACD. Prices have advanced through the triangle consolidation pattern as well. However, the SMA picture is a bit jumbled right now.
The daily chart -- like the industrial metals daily chart -- is mixed. The general trend is still up. But note both the RSI and MACD have printed a near horizontal pattern in April. Also note the SMAs are in a very jumbled orientation -- they are tied closely together. While they are technically in a bullish position (shorter above longer, all moving higher) we need more time in this position to make a solid call.
Bottom line: the long-term charts are still bullish. My guess is traders are playing two long-term trends: the eventual economic rebound and a hard asset inflation play. The daily charts show that traders are having second thoughts, but we haven't seen those thoughts bleed over into the weekly chart.
