Fundamentals:
Central bank is raising rates, easy money is over, this should slow and change the commodity price trend we have been in for the last couple of years.
Quarterly:
- 8 consecutive up quarters as of right now.
- I think a healthy pullback to the trend line breakout area is in the cards.
Monthly:
- Approaching big potential resistance from the last big break low at these price levels.
- 120 period (10 year ma) still trending down, could drag price.
Weekly:
- Price still In a well defined ascending broadening wedge pattern with momentum at an extreme.
- I have Bulkowski's "Encyclopedia of Chart Patterns" open and from his statistical analysis, this pattern in the weekly, falling within the context of the downward trending range of the quarterly trend, has a high probability of going short.
Daily:
Keeping a close eye on this supply line I drew on the daily, looking to short when confirmed.
Central bank is raising rates, easy money is over, this should slow and change the commodity price trend we have been in for the last couple of years.
Quarterly:
- 8 consecutive up quarters as of right now.
- I think a healthy pullback to the trend line breakout area is in the cards.
Monthly:
- Approaching big potential resistance from the last big break low at these price levels.
- 120 period (10 year ma) still trending down, could drag price.
Weekly:
- Price still In a well defined ascending broadening wedge pattern with momentum at an extreme.
- I have Bulkowski's "Encyclopedia of Chart Patterns" open and from his statistical analysis, this pattern in the weekly, falling within the context of the downward trending range of the quarterly trend, has a high probability of going short.
Daily:
Keeping a close eye on this supply line I drew on the daily, looking to short when confirmed.