Wednesday, March 17, 2010

Wednesday Commodities Round-Up

Agricultural commodities broke two uptrends (A and B). Since the beginning of the year prices have been in a clear downtrend (C). Finally, prices recently broke through support at D.

Industrial metals broke the shorter term support (B) but are still using (A) as long-term support.

Energy has broken long-term support (A). Looking at this chart, you may be thinking support exists between the 2009 low in May and the low in February of this year. The problem with that line is it only uses two points and the points are nearly a year apart. I just don't like the wya that one looks.