Crude and Commodities falling

Brent Crude broke support at $122/barrel, warning of a correction to test $115. Respect of $115 or a 63-day Twiggs Momentum trough above the zero line would signal a strong primary up-trend. In the long term, breakout above $126 would offer a target of $150/barrel*.

ICE Brent Afternoon Markers

* Target calculation: 125 + ( 125 – 100 ) = 150

The broader CRB Commodities Index is headed for a test of primary support at 295 after breaching the long-term rising trendline. Failure of support would signal a decline to 265*. A 63-day Twiggs Momentum peak below the zero line already indicates continuation of the primary down-trend.

CRB Commodities Index

* Target calculation: 295 – ( 325 – 295 ) = 265

4 thoughts on “Crude and Commodities falling

  1. [...] Loonie continues its narrow consolidation, having withstood falling crude oil prices over the last two weeks. 63-Day Twiggs Momentum holding above zero indicates a primary up-trend. [...]

  2. [...] African Rand Canada’s Loonie continues its narrow consolidation, having withstood falling crude oil prices over the last two weeks. 63-Day Twiggs Momentum holding above zero indicates a primary up-trend. [...]

  3. [...] African Rand Canada’s Loonie continues its narrow consolidation, having withstood falling crude oil prices over the last two weeks. 63-Day Twiggs Momentum holding above zero indicates a primary up-trend. [...]

  4. [...] Loonie Canada’s Loonie continues its narrow consolidation between $0.995 and $1.01 but falling crude prices warn that a correction is likely. Breakout below $0.995 and reversal of 63-day Twiggs Momentum [...]

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