Brent crude oil, soybeans under pressure while silver trades in near three-month high
Outlook on Brent crude oil, silver and soybeans as traders return from Thanksgiving holiday and Cyber Monday break.
Brent crude oil price drops for a fifth day in a row
The front month Brent crude oil future’s decline ahead of Thursday’s OPEC+ meeting and rumours concerning disagreements between members regarding further output cuts on Monday took these back to their 79.18 early November low which offered support. Below this level and Monday’s 79.08 low sits last week’s low at 78.48, a fall through which would have the 76.67 current November trough in its sights. Resistance can be seen along the October-to-November tentative downtrend line at 81.18 and then along the 200-day simple moving average (SMA) at 82.06. While the next higher 20 November high and the mid-November peak at 82.87 to 83.79 cap, the medium-term downtrend will remain intact.
Silver trades in near three-month highs
The silver price’s rise above last week’s $24.14 per troy ounce high has taken it to a near three-month high at $24.88, close to the July and August peaks at $25.01 to $25.26 which may short-term cap. The June high at $24.52 may offer minor support ahead of the breached May-to-June downtrend line, now because of inverse polarity a support line, at $24.16 and last week’s $24.14 high.
Soybeans weigh on support
Front month Soybean futures not only left their uptrend channel to the downside but also weigh on recent support at last and this week’s lows at 1,334 below which meanders the 55-day simple moving average (SMA) at 1,329. While the 200-day simple moving average (SMA) at 1,372 caps, downside pressure should retain the upper hand. A drop through the 1,334 to 1,329 support zone would re-engage the 1,298 late October low. Minor resistance above Monday’s high at 1,348 high can be spotted at Tuesday’s 1,362 high.
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