Thursday, May 22, 2014

Daily Commodities Report: Update

Copper: JJC
Due to it's importance as a barometer of global economic health and an indicator of Chinese manufacturing and production there will be a new addition to the commodities reviewed.

Right now JJC is looking like a 'buy' on this 2 hour chart while rather over-bought on the daily. MACD and TRIX indicators are about to cross to an uptrend with upward momentum on the hourly chart, but on the daily both trending and momentum are pointing down. This current upward channel should continue however a reversal and break should occur early in the new week. Since hourly indicators are currently pointing upwards one can expect prices to reach approximately $39.20 before turning back.