Commodity index is reluctant to pierce the aforesaid 37 (R1) level coincides with 200w SMA
indicates the index will take a breather to neutralize its prolonged overbought condition as seen on RSI
. The index could make a return move to support level
at S1 or further to S2 before it could introduce a change in trend to Bullish
, if it could travel above R1. The pattern and movement of the index coincide with the Brent Oil
and FCPO on our earlier analysis.
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