On the industrial metals weekly chart, notice the MACD and RSI are still rising. All the EMAs are moving higher, the 10 week EMA is about to cross over the 50 week EMA and the 20 week EMA is about to follow. Prices have been moving higher since the first quarter and they have been consolidating gains along the way.
The daily chart better shows the price action. Notice the rally is not too steep. Instead, it is fairly gentle. In addition we can better see how prices have consolidated gains as they have moved higher. Finally, notice the position of the EMAs -- the shorter EMAs are above the longer EMAs, all the EMAs are rising and prices are above the EMAs.
Agricultural prices are also in an uptrend, but a far less strong one. Instead of a solid move higher, prices are more or less in the middle of an upward sloping channel. The MACD and RSI are also giving mixed signals. Finally, the EMAs are jumbled instead of having a clear direction. In short, this is a chart looking for a direction.
The main issue with the daily chart is that prices have jumped higher but have failed to to anything since the move. The MACD and RSI are signaling strength. In addition, the shorter EMAs are moving higher and the 10 day EMA is about to cross over the 50 day EMA. But frankly, the chart just doesn't feel bullish to me.
