Crude oil prices are falling. Nymex Light Crude is testing primary support at $92/barrel and Brent Crude at $99/barrel. Breach of support would signal a down-trend.
Commodity prices remain low, in line with sluggish world trade.
CLSA chart: World Trade vs Commodity Prices pic.twitter.com/o8BpGua7ec
— Market Timing (@Market_Time) August 25, 2014
But that does not tell the full story.
Bulk commodity prices are falling as Chinese construction slows…
…While copper prices recovered above 7000/tonne. Penetration of the declining trendline suggests that the down-trend is slowing. Breakout above 7400 would strengthen the signal.
And aluminum alloy…
…and nickel show surprising strength, signaling an up-trend.
