Technical Summary for Commodities


The near-term price action moves within 1721 and 1724 range, consolidating gains from 1704, last week’s lows, where 4h Ichimoku clod base contained reversal from 1738, 09 Nov high. Positive hourly structure keeps the upside favored, with clearance of 1724/26, required to open initial target at 1734, 50% of 1795/1672 descend, possibly 1738, previous high, 55 day MA and Fib 61.8% expansion. Extension of upleg from 1704 through 1738, would open 1748, Fib 61.8%. Downside remains protected at 1700 zone and only break here would revive bears for possible re-visit of 1672.

Res: 1724, 1726, 1734, 1738
Sup: 1721, 1717, 1713, 1704



The price remains entrenched within 32.00/90 range, moving sideways, as rally from 30.65, 05 Nov low, failed to regain 33.00, psychological barrier / 50% of 35.36/30.65 descend. Hourly structure remains supportive, with 4h studies regaining ground and 20 day EMA underpinning at 32.50. With 32.00 higher base staying intact, the third wave off 32.00 would target 33.00, break of which to open way towards 33.30/56, 26 Sep low / Fib 61.8%, next targets. Conversely, loss of 32.00, would soften near-term tone.

Res: 32.65, 32.77, 32.91, 33.00
Sup: 32.52, 32.33, 32.22, 32.05


CRUDE OIL (Jan 13)

The oil price breaks above daily diamond bottom that signals reversal, with regain of lower ceiling of near-term range at 87.20, extending gains to 88.00 zone, so far. Overextended hourly conditions, see potential for consolidative/corrective action, with good support at 87.00, with positive 4h studies, keeping the upside favored. Regain of 89.20, 06 Nov spike high, is required to signal a break above near-term range, confirm base at 84.05 and open way for broader recovery, with initial barriers at 89.87, Fib 61.8% of 93.47/84.05 and 90.00, psychological barrier.

Res: 88.00, 88.78, 89.00, 89.20
Sup: 87.20, 87.00, 86.65, 86.00

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