The weekly industrial metals chart is still bullish. Prices are moving higher, as are the MACD and RSI. The 10 and 20 week SMAs are moving higher and the 10 week EMA is above the 20 week EMA. Prices are also right below the 50 week EMA.
The daily chart is a mixed bag. First, prices are clearly in a strong uptrend and have been since the end of February. Also note the EMA picture -- the shorter EMAs are above the longer EMAs and all the EMAs are moving higher. Prices are right below the 10 week EMA which is standard technical support. Both nother the RSI and MACD are a bit mixed.
The weekly ag prices chart is generally still bullish, but there are some chinks in the armor. First, the MACD and RSI are still moving higher and the 10 and 20 week EMAs are still moving higher. But prices gapped down this week which is never a good signal.
The daily chart also shows the gap down and the reversing of the MACD and RSI. Also look how prices have blown through the 10, 20 and 50 day EMAs. If prices continue to move lower they're going to blow out various stops.
