The overall trend for crude remains downwards, but some short-term bullish signals are creeping into the chart, says Andy Dodd, Head of Technical Research at Louis Capital Markets.
Commodities & Energy
A head and shoulders top on the spread between Ultra Low Sulphur Diesel and Natural Gas is targeting spread values not seen since July of 2010, according to Walter Zimmermann, Senior Technical Analyst at United-ICAP.
Key support for Gold at around 1180 finally gave way recently, allowing gold to resume the bear trend which has been in force since September 2011, according to Kamran Sheikh, Technical Strategist at Informa Global Markets.
Gold has broken below a key triple bottom support, according to George Davis, Chief FIC Technical Analyst at RBC Capital Markets
Crude oil is currently testing a significant multiyear retracement at around the $76.28 level, says Chris Williams, Senior Broker at Newedge.
A major bottom is forming in gold and offers a good opportunity to buy at current levels before moving back to record highs, according to Ron William of RW Advisory.
An ominous development is occurring in the DJUBS Commodity Index, according to Walter Zimmermann, Senior Technical Analyst at United-ICAP.
There has been nothing in the recent gasoline futures price action to suggest bottoming action, says Walter Zimmermann, Senior Technical Analyst at United-ICAP, leaving “serious room open to the downside”.
Brent has reached a key target located at 88.49, according to BNP Paribas. A breakout above 90.18 is needed for a short-term bullish reversal, but medium-term they still remain cautious.
Bearish technical developments in many of the key commodity markets emphasise the deflation risks ahead, according to George Davis, Chief FIC Technical Analyst at RBC Capital Markets.