Commodities: Crude rises on Iran tensions

Brent Crude is advancing towards its target of $130/barrel* after breaking resistance at $115. Respect of the zero line by the last trough on 63-day Twiggs Momentum strengthens the bull signal.

Brent Afternoon Markers

* Target calculation: 115 + ( 115 – 100 ) = 130

The broader CRB Commodities Index breached its descending trendline but continues to display uncertainty. Breakout above 325 would signal a primary up-trend with an initial target of 350*. A stronger dollar is likely to retard commodity prices.

CRB Commodities Index

* Target calculation: 325 + ( 325 – 300 ) = 350

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