Tag: CRB Commodities Index

Brent Crude broke support at $122/barrel, warning of a correction to test $115. Respect of $115 or a 63-day Twiggs Momentum trough above the zero line would signal a strong primary up-trend. In the long term, breakout above $126 would offer a target of $150/barrel*.

* Target calculation: 125 + ( 125 – 100 ) = 150

The broader CRB Commodities Index is headed for a test of primary support at 295 after breaching the long-term rising trendline. Failure of support would signal a decline to 265*. A 63-day Twiggs Momentum peak below the zero line already indicates continuation of the primary down-trend.

* Target calculation: 295 – ( 325 – 295 ) = 265

Brent crude continues to consolidate below resistance at $125/$126 per barrel. Upward breakout would signal a primary advance with a long-term target of $150*. Reversal below $122 is less likely but would warn of a correction to test support at $115.

* Target calculation: 125 + ( 125 – 100 ) = 150

The broader CRB Commodities Index is undergoing a correction. Breach of the rising trendline would indicate that the long-term up-trend is weakening. And failure of primary support at 295 would signal a decline to 265*. Respect of the zero line by 63-day Twiggs Momentum (from below) warns of continuation of the primary down-trend.

* Target calculation: 295 – ( 325 – 295 ) = 265

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

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

Brent crude is headed for a test of its 2011 high at $126/barrel as tensions with Iran escalate. Upward breakout would offer a long-term target of $150*. A trough above the zero line on 63-day Twiggs Momentum reflects the strong up-trend.

* Target calculation: 125 + ( 125 – 100 ) = 150

The CRB Commodities Index is being boosted by rising crude prices, petroleum-based products making up a third of the index weighting. The index itself is testing resistance at 325, while 63-day Twiggs Momentum is at the zero line. Breakout above 325 would signal a primary up-trend with an initial target of 350*.

* Target calculation: 325 + ( 325 – 300 ) = 350

Brent Crude is advancing towards its target of $130/barrel* after breaking resistance at $115. Respect of the zero line by the last trough on 63-day Twiggs Momentum strengthens the bull signal.

* Target calculation: 115 + ( 115 – 100 ) = 130

The broader CRB Commodities Index breached its descending trendline but continues to display uncertainty. Breakout above 325 would signal a primary up-trend with an initial target of 350*. A stronger dollar is likely to retard commodity prices.

* Target calculation: 325 + ( 325 – 300 ) = 350