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As noted on the following Monthly chart, 72.00 (40% Fibonacci retracement level) could be the next major target for WTI Crude Oil.
Price briefly hit the 60.00 level today (Tuesday) and is trading above two levels of major support — 54.66 (23.6% Fib retracement level) and 48.00 (price and channel centreline support).
Commodities, particularly oil, continue to be strong. You can see the breakout a few weeks ago from the range DBC was in, and the successful test afterward.
The commodity ETF symbol DBC had been trapped beneath resistance for over two years, but it broke out recently. The weakness we saw in crude oil earlier this week dragged it down some, but it’s push up off support at this point (see arrow). If this level holds (16.05) we could be entering a new upswing in commodities.
As for my own trading day – – MEH – – down half a percent at the moment, but holding tough.
The following Year-to-Date and 2-Week graphs show which commodities (and commodity ETFs) have gained and lost the most (in terms of percentage) during those two time periods.
The second graph illustrates the massive 18.92% gains made in Gasoline during these past two weeks…no doubt, in anticipation of, and with respect to, current events surrounding the refinery shut-downs in Texas this week, due to the effects of Hurricane Harvey.
On a Year-to-Date basis, the laggards are WTIC Crude Oil, Brent Crude Oil, and the Agriculture ETF, while Copper leads in gains, followed by other metals.
I am slipping back into my love affair for commodities (and crude oil in particular). I really like how the overall sector is starting to slip and tumble……