Tuesday, July 24, 2007

Crude Oil update

September Crude Oil (CLU7) bottomed at 54.30$ after topping out at 79.90$.

Still unclear if current level is sustainable.

Resistance between 77$ – 79.90$.

Support between 69$ - 70$.

Crude Oil(CLU7) weekly chart

Crude oil chart

Monday, July 09, 2007

Platinum, Ready for new highs?

The price of platinum registered a new all time high at May 2006, followed by a three wave correction (A, B, C) . In October 2006 the price bottomed at around 1050$ an ounce and a new rally has begun (primary direction is up so 5 wave pattern is expected). May 2007 another all time new nominal high slightly above 2006 high.

Potential Inverse head and shoulders pattern with 1475$ as initial price objective.

platinum chart

Friday, July 06, 2007

Copper Inventories

As you probably know low stocks equals less supply and thus the price of copper is normally inversely correlated with LME copper warehouse stocks. The LME copper warehouse stocks level are declining consistently since February 2007, already down 50%. Copper stocks are down from about 200,000 to. 105,475 tonne (July 6).

Technically the copper chart looks fine , a-b-c 3 waves correction then an impulsive rally (wave i) , wave iii is currently underway, PPO , RSI up trending bullish. Potential inverted head shoulders pattern with a price objective of 520.

copper chart