Brent crude is consolidating in a narrow range below $125/$126 per barrel. Upward breakout is likely and would offer a long-term target of $150.
* Target calculation: 125 + ( 125 – 100 ) = 150
Despite the weakening dollar, CRB Commodities Index is testing medium-term support at 310. Failure would indicate another test of primary support at 295. Breach of the long-term rising trendline would warn that the 4-year up-trend (similar to that of gold) is coming to an end. Recovery above 330 is as likely, however, and would signal the start of a primary advance, with a long-term target of 350.
* Target calculation: 325 + ( 325 – 295 ) = 355