Crude Oil HoldFalling Wedge
WTI Crude Oil has beenshowing a lot of signs of bullish price action recently since the confirmationof the Double Bottom at $26. From the break of the important $34.82 level, themarket tested the 38.39 area very quickly and now after a small pullback, themarket has come back to test the major Falling Wedge pattern only to break the39 level. With an inverse Head and Shoulders now formed, a close above thisneckline could be the impetus of a much large move with the only real structureabove at 43.46. If we fail to hold our bid here however the next port of callfor the bulls remains at the 34.82 area.
Gold Holding a Bid
Gold has been one of thebest performing asset classes in 2016 so far which is up some 23%. On a weekly time-frame, the market has held the 1189 to 1193 key support zone and now haseven held a bid above the 1226 level. Given the market has now closed multipleweeks above the bigger time frame Falling Wedge reversal pattern, a test of the1307 area is highly likely in my opinion so long as we can stay above the pinkarea.
Copper Holds KeySupport Zone
Copper has performed wellin recent weeks after the break of a key Inverse Head and Shoulders pattern.This week, we have managed to hold a bid above the 2.20-2.2125 zone and is nowreaching out for the recent 2.3040 highs. If we manage to take this level out,the market should see the Target of the H&S which comes in at 2.3470. A movebelow the 2.20 area would likely put pressure on short term longs and only amove with a close below the 2.1330 region would negate the setup for me.
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