Oil Finding Some Interim Sellers

Oil Finding Some Interim Sellers 

After the break of the Falling Wedge pattern, we had 2 relatively strong weeks where the market pushed higher however last week the market topped out at 41.90 and closed back inside the range of the previous week. This setup is also know as a "Swing Rebound"which is technically a sign of at least a short term reversal in price action which has actually followed through this week with oil down on th week and trading below 38.39. With oil now losing some steam the real area for the bulls to hold is the 34.82 level. If we can hold here there is still a medium term bullish case in place with the double bottom staying in place.

Gold Stalling It's Rally But Holding the Falling Wedge 

Gold in recent weeks has been struggling to hold a bid above the 1260.8 region with the last 7 weeks all closing at or below that level. With the strong bull run losing some steam, we have come back down to test the Falling Wedge pattern and still holding above the key area for the bulls at 1189. If we can remain above here in the short term the case still remains bullish with a target at 1307 area. If we break below here however, there could be some short term covering back into the 1147 level which was a strong pivot in the past.

Copper Fails to Reach Inverse Head & Shoulders Target 

Copper had broken a medium term bullish Inverse Head and Shoulders pattern at the beginning of March.This had sent the market higher as weak shorts were forced to stop out of their positions. After holding for some time above the 2.20-2.21 support, the market has broken below here this week and thus has failed to reach the measured target at 2.3470 above, leaving a top at 2.3235 in the interim. In the short term, the market has support at 2.1640 and to hold a short term bull bias,needs to hold above the neckline which comes in at about 2.12 at the moment.