Crude Oil to Weaken Further
By Mohammed Isah, technical strategist and head of research at FXTechstrategy.com.
Although
crude oil
retains its broader medium-term uptrend, nearer term it is facing downside weakness as evidenced by its follow through lower on its Friday weakness today. Supports are at the 79.10/78.01 levels, where a cap may be seen. Resistance resides at the 83.13 level, if a recovery higher is staged.
Gold
is also under pressure and biased to the downside in the immediate term, targeting the 1,098.23 level and then the 1,088.20 level. Nearby resistance is located at 1,133.18.
Silver
is now trading below the 16.80 level, having followed through lower on its last week declines. It now eyes the 16.31/25 levels. Resistance comes in at the 17.62 level.
With
wheat
still maintaining its offered tone on the back of its Friday losses, risk of further declines is expected to shape up toward the 475.40 level, while resistance stands at the 498.20 level.
Corn
is now hesitating, failing to build on its recovery triggered off the 361.40 level the past week. This development could mean the commodity may be preparing to return to the mentioned low and possibly lower in the days ahead.
Mohammed Isah is a technical strategist and head of research at FXTechstrategy.com, a technical-research Web site. He has been trading and analyzing the foreign exchange market for the past seven years. He formerly traded stocks before crossing over to the forex market, where he worked for FXInstructor LLC as a technical analyst and head of research before joining FXTechstrategy.com. He has written extensively on the forex market and technical analysis and his articles have been featured in The Technical Analyst Magazine, The Forex Journal Magazine, The International Business Times and FXstreet.com. At FXTechstrategy.com, he writes daily, weekly and long-term technical commentaries on currencies and commodities, which are offered to its clients. He also produces
for his subscribers. He provides full coverage of the forex market with specific focus on G10 currencies as well as the commodities markets, with focus on five key commodities.