Commodities Vulnerable to Disappointing ISM Data

Comex E-Mini Copper (NY Close): $3.826 // +0.030 // +0.79%

Prices continue to trace out a Triangle chart pattern above support at 3.696, the 38.2% Fibonacci retracement level. While the setup is typically indicative of trend continuation, which in this case would be a bullish development, confirmation is needed on a break of either of its boundaries before firm conclusions can be drawn. Near-term support is now at 3.770, while resistance stands at 3.893.

 

WTI Crude Oil (NY Close): $103.02 // +0.24 // +0.23%

Last week, prices completed a Descending Triangle chart pattern with a break through support at 104.75, the 38.2% Fibonacci retracement level, implying a measured target at 99.57. An inverted Hammer candlestick above interim support at 102.97, the 50% Fib, hints a near-term bounce may be ahead to retest 104.75 before the larger down move resumes.

 

Daily Charts - Created Using FXCM Marketscope 2.0 

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About the Author
Ilya Spivak

Ilya Spivak is San Franciisco-based currency strategist for DailyFX.

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