Crude oil prices are falling. Nymex Light Crude broke support at $98/barrel, signaling a test of primary support at $92/barrel, while Brent Crude is testing primary support at $104. Retreat of 13-week Twiggs Momentum below zero already warns of a Nymex (CL) down-trend.
Commodity prices are being dragged down, with Dow Jones-UBS Commodity Index heading for a test of primary support at 122. Reversal of 13-week Twiggs Momentum below zero strengthens the bear signal.
Copper prices are also testing primary support, reflecting a weak Chinese economy. Breach of $6800/tonne would warn of a primary decline. Follow-through below $6400/tonne would confirm.
