Thomaswestw

Thomaswestw

Corn prices may soon receive a major technical boost by way of a Golden Cross formation, with the 50-day Simple Moving Average (SMA) on track to cross above the longer-term 200-day SMA. That may help prices to pierce above a descending trendline stemming from the 2021 swing high.

Thomaswestw

Platinum prices bounce off Symmetrical Triangle support after nearly piercing below the key level. The falling 50- and 100-day Simple Moving Averages may cap upside within the triangle, with the 61.8% Fibonacci retracement sitting above those SMAs. A fresh low following the September swing low points at a bearish bias within the triangle, but overall the neutral...

Thomaswestw

Iron ore prices are breaking out from a Cup and Handle pattern. The late-October price gap may fill if prices continue higher. Prices may have seen a bottom back in November, with the bullish fundamental narrative strengthening as China moves to support growth. A reversal, however, may see a move back to the 100 psychological level.

Thomaswestw

USD/CNH dropped to its lowest level since 2018 after the 2021 low gave way. Prices have been pressured lower by the 26-day Exponential Moving Average (EMA) following a Symmetrical Triangle breakdown in October. MACD is crossing back below the signal line while RSI heads lower. The Yuan may continue to strengthen versus the US Dollar given the current trajectory.

Thomaswestw

China's CSI 300 index has moved into a consolidation pattern since making a multi-month low back in July. A Symmetrical Triangle pattern opens the door for a breakout or breakdown, with 5378.47 and 4554.71 serving as respective upside/downside targets. However, the falling 100-day SMA may pressure prices within the triangle in the coming weeks. In any case, a...

Thomaswestw

The Chinese Yuan's volatility versus the US Dollar has eased considerably in recent months compared to price action seen earlier this year. USD/CNH is quickly approaching the apex of a Symmetrical Triangle pattern, however. This may see the currency pair make a break higher or lower in the coming weeks. Technically speaking, the triangle doesn't show bias to...

Thomaswestw

Prices broke higher from a Symmetrical Triangle pattern this week, putting the 2021 (111.65) high and 2020 (112.22) high in focus. A reversal lower prior to that may see bulls attempt to turn resistance into support. The MACD oscillator signals healthy momentum in price, which puts bulls at an advantage going into Q4. The 23.6% Fibonacci level is the most...

Thomaswestw

An incoming Death Cross formation may add to iron ore's downside in the coming weeks. The 50-day Simple Moving Average is on track to intersect the 200-day SMA. Prices found support at the September 2020 high, but the path of least resistance appears to be to the downside with a descending channel.

Thomaswestw

Natural Gas has torn higher, adding nearly 4.5% this week to an already monstrous rally. Prices are on track to record a sixth monthly gain if this pace continues. On a technical basis, a pullback may be necessary before moving higher, however. The recent surge has brought prices well above an ascending trendline that has guided prices higher since the May swing...

Thomaswestw

Copper is looking to reestablish prior trendline support, which would put the red metal back on a bullish path. Although failing to pierce the level would likely see prices fall back to the psychologically imposing 4.000 level. Momentum appears to be healthy with RSI rising and the MACD line crossing above its signal line, a bullish sign.

Thomaswestw

Copper prices are seeing some upside movement as supply-side issues intensify. Codelco's Andina mine in Chile saw workers go on strike after mediation talks fell through. This adds to labor tensions in the major copper-exporting country, with workers at BHP Group's Escondida mine still negotiating a new contract as a possible walk-off looms. Meanwhile, workers at...

Thomaswestw

Lumber prices sliced below the 200-week Simple Moving Average (SMA), putting the psychologically imposing 500 level back in focus. A drop below 500 may open the door for more losses. Alternatively, bulls will look to defend the level if recovery hopes are to remain alive.

Thomaswestw

After last week's sharp selloff, lumber prices have approached the high-profile 200-week Simple Moving Average (SMA). Breaking below the critical moving average would likely sap any remaining hope from bulls and solidify the recent bear trend.

Thomaswestw

Natural gas is currently on track to record a fourth consecutive monthly gain. Prices carved out a Bullish Pennant, opening the door for the preceding bull trend to continue.

Thomaswestw

Corn prices are up against the wall after a sharp multi-month drop. The rising 200-day Simple Moving Average (SMA), along with an area of support from January to March trading, may offer bulls a chance to regroup. The MACD and RSI oscillators indicate downward momentum may win out, however. A break lower likely opens the door for further losses.

Thomaswestw

Lumber prices appeared to find a level of support at the psychologically imposing 700 handle, and MACD looks to be turning higher. However, the 20-day Simple Moving Average (SMA) is on track to complete a bearish crossover below its 200-day SMA. Is the six-week selloff coming to an end? The next big level of support lies near the 600 level, which underpinned...

Thomaswestw

Lumber prices are looking lower after slicing through the 200-day Simple Moving Average (SMA). Former areas of resistance turned support may offer relief but bears appear to be in full control. A drop to the 600 level may be on the cards.

Thomaswestw

Lean hog prices have continued to surge higher. However, will negative divergences in the Relative Strength Index and MACD oscillators threaten the runaway rally? If not, the 361.8% Fibonacci extension may serve as the next technical barrier before targeting all-time highs.