Wednesday, July 8, 2009

Wednesday Commodities Round-Up

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Industrial metals are still rising. The MACD and RSI are still increasing. However, prices are getting caught between the 10 and 20 day EMA on the lower side and the 50 day EMA on the upper side. In addition ---

This chart better shows the triangle consolidation pattern that is forming at the top of the rally. Also note that prices are barely hanging on to the upward sloping trend line. In addition, on the daily chart notice the MACD and RSI are moving lower. This chart tells us prices are really thinking about moving lower.

On agricultural prices, notice the chart has taken a big move lower. This is confirmed by the RSI and MACD making big moves lower.

The daily chart better shows the move lower. Notice the MACD and RSI have taken big moves lower. Prices have broken the upward sloping trendline. And the EMA are moving lower as well -- the 10 and 20 day EMA have crossed below teh 50 day EMA and are looking to make lower lows.

With agricultural and oil prices moving lower it's highly probably industrial metals will follow suit.