Brent crude oil stretches resistance while silver, copper prices rally
Brent crude oil stretches resistance amid low inventories while silver, copper prices rally.
Brent crude oil stretches key resistance
The Brent crude oil price stretches the upper resistance zone, having sharply risen on Wednesday amid lower oil inventories and mounting global supply risks.
A rise and daily chart close above the $81.89 per barrel mid-August high would confirm the break out of a wide sideways trading pattern and point towards an ensuing rise towards the $90 region.
This potentially bullish view will remain intact while Wednesday's low at $79.02 underpins.
Brent crude oil daily chart
Silver price rallies
The spot silver price's break through its October to January downtrend line and rise above the 55-day simple moving average (SMA) at $30.66 per troy ounce has bullish connotations with the mid-November high at $31.53 being targeted.
Minor support below the 10 January high at $30.66 can be seen along the 200-day SMA at $29.99.
Only a now unexpected fall through Monday's $29.50 low would probably put the August to January support line at $29.05 to the test.
Silver daily chart
Copper price breaks through major resistance
The copper price’s break through and subsequent rally above its $4.26 to $4.33 resistance zone, made up of the early December peak, 23 September, mid-October and 23 October lows as well as the mid-December high, is bullish with the November peak at $4.49 representing the next upside target.
Because of inverse polarity the previous $4.26 to $4.33 resistance zone should now act as a support area. As long as it does, a bullish trend reversal is in the making.
Copper daily chart
The information on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG Bank S.A. accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer.
React to volatility on commodity markets
Trade commodity futures, as well as 27 commodity markets with no fixed expiries.
- Wide range of popular and niche metals, energies and softs
- Spreads from 0.3 pts on Spot Gold, 2 pts on Spot Silver and 2.8 pts on Oil
- View continuous charting, backdated for up to five years
See opportunity on a commodity?
Try a risk-free trade in your demo account, and see whether you’re onto something.
- Log in to your demo
- Try a risk-free trade
- See whether your hunch pays off
See opportunity on a commodity?
Don’t miss your chance. Upgrade to a live account to take advantage.
- Analyse and deal seamlessly on fast, intuitive charts
- Get spreads from just 0.3 points on Spot Gold
- See and react to breaking news in-platform
See opportunity on a commodity?
Don’t miss your chance. Log in to take your position.
Live prices on most popular markets
- Forex
- Shares
- Indices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
