Wednesday, November 25, 2009

Wednesday Commodities Round-Up

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The main issue with the agricultural prices chart is there is no clear direction either way. There are three different consolidation patterns with no strong up or down move between them. The MACD and RSI confirm there is no momentum in either direction. The EMAs are all moving higher, but they are in a very tight pattern. Prices are simply bouncing from one consolidation pattern to the other.

The only key takeaway from this chart is the accumulation/distribution line which shows that volume is leaving this market.