Brent crude oil price stabilises above two-month low, silver price hits 3 ¼ year high and soybean prices remain subdued
While soybean prices remain under pressure, Brent crude oil prices recover from two-month lows as silver prices rally to 3 ¼ year highs.
Brent crude oil prices recover from new two-month low
On Wednesday the price of the Brent crude oil front month futures contract slid to 80.88, below its previous two-month low at 81.60, before forming a potential bullish hammer formation on the daily candlestick chart. A daily chart close above Wednesday’s 82.83 high on Thursday would indicate that a bottom is probably in place with the 200-day simple moving average (SMA) at 84.05 and last week’s high at 84.32 back in sight. Above these levels lies further potential minor resistance at the 22 April low at 85.21.
Support below 81.60 can be seen at the late February and March lows at 80.88 to 80.25.
Silver price rallies to 3 ¼ year high
The spot silver price surged higher and has overcome its April peak by so far rising to $29.85 per troy ounce, a level last traded in February 2021, and close to the August 2020 peak at $29.86. Above the psychological $30 mark beckons the February 2021 peak at $30.09.
Potential slips may find support around the 19 April high at $28.94.
Soybean prices look increasingly toppish
In early May front month soybean futures formed a minor top at 1,251, made marginally below its major 1,257 to 1,286 resistance area which consists of the June-to-October lows. They then slid to last week’s low at 1,203 which remains in view. If fallen through, the May 2023 low at 1,190 will be back in the picture.
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