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Notice the following on the weekly chart:
-- All the SMAs are moving lower
-- The shorter SMAs are below the longer SMAs
-- Prices are below all the SMAs
BUT
-- The MACD is oversold
-- The RSI is oversold
-- Prices are forming a triangle consolidation pattern
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Notice the following on the daily chart:
-- Prices have been dropping for the last 6 months
-- All the SMAs are moving lower
-- The shorter SMAs are below the longer SMAs
-- Prices are below all the SMAs
BUT
-- The MACD has been rising for the last two months
Bottom line: technically, this chart wants to rally. But there are no fundamental reasons to commit to the commodities market right now.
