Crude retraces

Nymex Light Crude is retracing to test its new support level at the former two-year high of $54.50/barrel. Respect would confirm the primary advance.
Nymex Light Crude

Brent crude is similarly retracing, to test support around $60/barrel.

Brent Crude

Broad commodity prices are likely to follow crude, with the DJ-UBS Commodity Index heading for resistance at 90.

DJ UBS Commodity Index

Iron ore is more susceptible to cycles in the Chinese real estate market but is likely to respect primary support at $52.50/tonne.

Iron Ore

Even gold is likely to benefit in the long-term if crude prices rise.

One thought on “Crude retraces

  1. […] are more bullish despite the falling iron ore price. The ASX 300 Metals & Mining index reached its target of 3500 but is now retracing to test the […]

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