Commodities at Risk of Losses as Euro Fears Reemerge

Comex E-Mini Copper (NY Close): $3.790 // -0.130 // -3.32%

An upward breakout from a the Triangle chart pattern identified earlier this week now appears to have been a head-fake, with prices still seemingly locked in consolidation. Initial support lines up at 3.772, with a break below that exposing 3.696. Resistance is at 3.915, with a breach higher targeting 3.985 at first.

 

WTI Crude Oil (NY Close): $101.47 // -2.54 // -2.44%

Prices broke falling channel support set from late February and cleared support in the 102.97-103.21 area to challenge the 61.8% Fibonacci retracement at 101.19. A break below this level exposes rising trend line support set from the December 16 low, now at 99.77. The 102.97-103.21 region has been recast as near-term resistance.

 

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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