Daily Commodity Financial Spread Betting Technical Analysis on Coffee, Crude Oil, Natural Gas
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Daily Commodities Technical Analysis report discussing Support and Resistance Levels and Indicators such as Stochastics and the RSI for major commodities markets such as Crude Oil, Gold, Silver, Natural Gas and Coffee.
Supplied and sponsored by PipTrade.
Today’s Technical Analysis:
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Commodities Analysis - 2 March 2012
 Gold Technical Analysis
Gold closed higher due to short covering on Thursday as it consolidates some of Wednesday's decline. The high-range close sets the stage for a steady-to-higher opening on Friday. Stochastics and the RSI are turning bearish signalling that sideways-to-lower prices are possible near-term. If it extends Wednesday's decline, the reaction low crossing is the next downside target. Closes above the 10 day moving average crossing would temper the near-term bearish outlook.
 Silver Technical Analysis
Silver closed higher on Thursday and the mid-range close set the stage for a steady opening on Friday. However, stochastics and the RSI are turning bearish signalling that sideways-to-lower prices are possible near-term. Closes below the 20 day moving average crossing would confirm that a short-term top has been posted. If it renews the rally off December's low, the 75% retracement level of the August-December decline crossing is the next upside target.
 Crude Oil Technical Analysis
Crude oil closed higher on Thursday extending the rebound off Tuesday's low. The high-range close sets the stage for a steady-to-higher opening on Friday. Stochastics and the RSI are turning neutral-to-bullish signalling that sideways-to-higher prices are possible near-term. If it extends this winter's rally, the 2011 high crossing is the next upside target. Closes below the 20 day moving average crossing would confirm that a short-term top has been posted.
 Natural Gas Technical Analysis
Natural gas closed lower on Thursday extending the decline off February's high. The low-range close sets the stage for a steady-to-lower opening on Friday. Stochastics and the RSI remain bearish signalling that sideways-to-lower prices are possible near-term. If it renews the multiyear decline, monthly support crossing is the next downside target. Closes above the reaction high crossing are needed to confirm that a short-term low has been posted.
 Coffee Technical Analysis
The coffee futures market closed higher on Thursday as it extended the trading range of the past two weeks. The high-range close sets the stage for a steady-to-higher opening on Friday. Stochastics and the RSI are neutral-to-bullish signalling that sideways-to-higher prices are possible near-term. Closes above the 20 day moving average crossing would confirm that a short-term low has been posted. If it renews the decline off January's high, weekly support crossing is the next downside target.
Further Commodities Market Commentary and Data
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The contents of this report are for information purposes only.
It is not intended as a recommendation to trade.
Neither CleanFinancial.com nor PipTrade accept any responsibility for any use that may be made of the above or for the correctness or accuracy of the information provided.
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Spread Trading and CFDs carry a high level of risk and you may lose more than your initial investment. Only speculate with money that you can afford to lose. Please ensure you fully understand the risks involved and seek independent financial advice where necessary.
Article approved/supplied by PipTrade which is a trading name Henyep Capital Markets (UK) Limited which is authorised and regulated by the Financial Services Authority. Register No: 186171.
'Daily Commodity Financial Spread Betting Technical Analysis on Coffee, Crude Oil, Natural Gas' edited by PipTrade, updated 02-Mar-12
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Commodities Analysis Index - an Index of Daily Commodities Analysis articles covering Trends, Supports and Resistance Levels for some of the major commodities markets including Crude Oil, Natural Gas, Gold, Silver and Coffee.
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