Brent crude broke through resistance at $125/barrel on the Monthly chart, despite the strengthening dollar. Target for the advance is the 2008 high of $145.
* Target calculation: 125 + (125 – 100 ) = 150
The broader CRB Commodities Index lags far behind. Breakout above 325 would signal an advance to 370*. But 63-day Twiggs Momentum remains below zero, indicating a primary down-trend, and reversal below the rising trendline would strengthen the signal. Failure of primary support at 290 would confirm.
* Target calculation: 330 + ( 330 – 290 ) = 370
One Reply to “Crude Oil & Commodities”
Comments are closed.