OIL
The instrument has bounced from the strong support 44-46 zone and we have a daily close above 48. This close could lead the pair into 51-52 zone test.
NATURAL GAS
Natural gas is rejected from the short-term falling trend line 3.3000 level. The daily close above this level is required for the invalidation of the downside and the upside continuation and a test of 3.4000. The close below 3.130 is required for the downside extension. No change in view as the instrument has briefly tested the 3.4000 level. For the upside reversal, we need to see a daily close above 3.520.
WHEAT
The instrument is rejected again from the 455 level and is going for the 410-420 zone retest again. Staying aside for now.
COTTON
The instrument is bouncing from the 73-74 zone and has broken above 80 level. Look for the long entries on a pullback into the broken 80 level targeting 90 level at least.
COPPER
The instrument is bouncing from the 245-249 zone and we could see a test of the bullish flag upside resistance 260-265 zone. Only long trade entries are recommended here with the SL below 245 level also the 200 SMA.
A commodity market is a physical or virtual marketplace for buying, selling and trading raw or primary products, and there are currently about 50 major commodity markets worldwide that facilitate investment trade in approximately 100 primary commodities.
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