04292016Fri
Last update: Fri, 29 Apr 2016 03pm

Markets - Commodities

Markets - Commodities - Asia

Shanghai copper may retest support at 37,020 yuan SINGAPORE: Shanghai copper may retest a support at 37,020 yuan per tonne, with a good chance of breaking below this level and falling more to the next support at 36,800 yuan.The metal could be riding on a wave C, the third wave of a three-wave cycle from the March 7 high of 39,400 yuan. This wave consists of three small waves, with the third wave labelled c unfolding towards 36,440 yuan, its 100 percent Fibonacci projection level.The 61.8 percent level at 37,020 yuan works as a temporary support and caused a weak bounce which may end around 37,370 yuan, the 38.2 percent level. An extension of the bounce may be limited to 37,590 yuan, the 23.6 percent level.Copyright Reuters, 2016

Markets - Commodities - Asia

Palm oil may drop to 2,571 ringgit SINGAPORE: Palm oil may drop to 2,571 ringgit per tonne, as suggested by its wave pattern and a Fibonacci projection analysis. The successive falls from the April 21 high of 2,743 ringgit has confirmed the progress of a downward wave c, the third wave of a three-wave cycle from the March 29 high of 2,793 ringgit.This wave could travel to 2,571 ringgit, its 100 percent Fibonacci projection level. A temporary support is provided by the ...

Markets - Commodities - Americas

CBOT soybeans may revisit April 27 low of $10.02 SINGAPORE: CBOT soybeans May contract may revisit its April 27 low of $10.02 per bushel, as it failed to break a resistance at $10.17-3/4.The resistance is provided by the 176.4 percent Fibonacci projection level of an upward wave c, the third wave of a three-wave cycle from the March 2 low of $8.56.Soybeans failed to break this resistance after several attempts, signalling the rise from the April 25 low of $9.77-1/4 could be just a ...

Markets - Commodities - Americas

CBOT corn may fall to $3.73-1/2 SINGAPORE: CBOT corn may fall to a support at $3.73-1/2 per bushel, as its correction from the April 25 high of $3.85 seems to be incomplete.The correction could consist of three waves, with the third wave labeled c traveling towards the support at $3.73-1/2, the 61.8 percent Fibonacci retracement on the uptrend from the April 11 low of $3.56 to the April 21 high of $4.02.This support is strengthened by another similar one provided by ...

Markets - Commodities - Americas

CBOT wheat may retrace into $4.65-1/4 to $4.69 range SINGAPORE: CBOT wheat may retrace further into a range of $4.65-1/4 to $4.69 per bushel, as it failed to break a resistance at $4.80-1/2.The resistance is provided by the 38.2 percent Fibonacci retracement on the fall from the April 21 high of $5.10-3/4 to the April 25 low of $4.62. It has caused a correction towards the range formed by the 7 percent and the 14.6 percent retracements.A rise to $4.76 could signal wheat's attempt ...

Markets - Commodities - Americas

NY sugar may fall to 15.05 cents SINGAPORE: New York sugar may break a support at 15.38 per lb and fall to the next support at 15.05 cents, as it could have completed a rally from the April 13 low of 14.00 cents.The completion has been indicated by sugar's repeated failures to break the resistance at 15.70 cents, the 61.8 percent Fibonacci retracement on the fall from the March 23 high of 16.75 cents to 14.00 cents.The 50 percent level at 15.38 ...

Markets - Commodities - Americas

NY coffee to test support at $1.2065 SINGAPORE: New York July coffee is expected to test a support at $1.2065 per lb, a break below which could cause a loss to the next support at $1.1815.The contract is riding on a wave c, the third wave of a three-wave cycle from the March 23 high of $1.3820. This wave has extended below its 50 percent Fibonacci projection level at $1.2265 and is unfolding towards the 61.8 percent level at $1.2065.At its full ...