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 $90.00 region.
This potentially bullish view will remain intact while Wednesday's low at $79.02 underpins.
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.
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.
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