Brent crude oil and silver probe key resistance while wheat remains under pressure
Outlook on Brent crude oil, silver and Chicago wheat as OPEC+ output cuts bite.
Brent crude oil prices probe key resistance on output cuts
Brent crude oil is grappling with the upper boundary of its three-month sideways trading range as total OPEC+ output cuts of nearly 5.2 million barrels per day bite. If broken through and if a daily chart close above this week’s high at $78.63 were to be seen, not only the $80 mark but also the 200-day simple moving average (SMA) at $82.47 would be in focus. Slips should find support around the $76.89 high seen last Wednesday with further minor support found along the 55-day SMA at $75.71.
Silver grapples with the May-to-July downtrend line
Silver probes the May-to-July downtrend line at $23.18 per troy ounce, a rise above which and last week’s high at $23.31 would target the mid-June low at $23.60. Above it the 55-day simple moving average (SMA) can be spotted at $23.78. The current upside bias should remain in play while the 200-day simple moving average and last week’s low at $22.72 to $22.53 underpin on a daily chart closing basis.
Chicago Wheat prices remain under pressure
Chicago Wheat’s swift decline from its four-month June high at $7.70 as the weather in the U.S. has improved has taken it so far to the current July low at $6.42. Below it beckons the $6.34 mid-June low, provided no bullish reversal takes it back above last week’s high at $6.82. Further potential downside targets are the $6.31 late May high, the $6.20 early June low and the psychological $6.00 region. Immediate resistance is found at the $6.71 May peak.
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