Technical Update - Soft Commodities set for higher price levels
Kim Cramer Larsson
Technical Analyst, Saxo Bank
Wheat is breaking bullish out of its short term corrective falling channel. Minor resistance at $1,167 and 1,213.No divergence on RSI indicates bullish trend to resume. If RSI closes above 60 which is likely Bull trend is confirmed.
Corn trading above its short term falling trend line breaking bullish out of Descending like triangle pattern. RSI above 60 confirms Bullish trend has resumed and March peak at around 782.75 likely to be tested and broken.
Soybeans jumped back above medium trend line after finding strong support at $1,579If breaking above short term falling trend line new highs are likely. RSI breaking above falling trend line could be first indication of that scenario to play out.
Coffee confirming uptrend. Back above 100 and 55 SMA’s. RSI above 60 confirm Bullish trend. Some resistance at $241. If a Daily close below 224 Coffee will go back to neutral.
Cotton likely to test March peak at around $141.80. RSI above 60 threshold i.e. short term falling trend line very likely to be broken.
If taking out March peak no strong resistance before around 160-168 level. A Daily close below 131 will reverse the uptrend
Quarterly Outlook Q2 2022
Quarterly Outlook Q2 2022: The End Game has arrived
- Shocks from covid and the war in Ukraine have forced the global financial and political world to change, but what will the end game be?
Productivity and innovation have never been more importantAs the world economy hits physical limits and central banks tighten their belts, could equities be facing a 10-15% downside?
The great EUR recovery and the difficulty of trading itIf the terrible fog of war hopefully lifts soon, the conditions are promising for the euro to reprice significantly higher.
Tight commodity markets – turbocharged by war and sanctionsWith supply already tight, commodities keep powering on. But will it last for yet another quarter?
Between a rock and a hard placeGeopolitical concerns will add upward price pressures and fears of slower growth, while volatility will remain elevated.
The Great ErosionInflation is everywhere and central banks try to combat it. But will they get it under control in time?
Australian investing: Six considerations amid triple Rs: rising rates, record inflation and likely recessionWhile global financial markets are struggling in an uncertain world, the commodity-heavy Australian ASX index is poised to keep a positive momentum.
Cybersecurity – the rush to catch up with realityWith the invasion of Ukraine, governments and private companies are rushing to reinforce their cyber defenses.