The industrial metals weekly chart is still bullish. The MACD and RSI are rising and prices are still in an uptrend. The 10 and 20 day EMA are still rising and prices are above all the EMAs. Finally, notice the RSI still has room to move higher before it is in the overbought territory.
The daily chart also shows prices are in a rally. First, prices are still in an uptrend that has been in existence for the last six months. Also notice that along the way prices have consolidated in several triangle patterns. All the the EMAs are also moving higher. However, on the bearish side, prices have been in a narrower range over the last month or so. In addition, price advances over the 290 area seem to be causing strain.
There are four points with the agricultural prices weekly chart.
1.) The MACD has given a sell signal.
2.) Prices are below the trend line and have consolidated there.
3.) The 10 and 20 day EMAs are moving lower
4.) Prices are below all the EMAs
However, the daily chart is different -- and in fact is givng a buy signal according to its MACD. In addition the RSI is inreasing. However, prices are conolidating in a triangle pattern and are using rh 10 day EMA for technical resistance right now. Until we know otherwise, I would let the weekly chart dictate and predicitions about the future.
