Oil price surge is ongoing while Chicago wheat price nears key resistance as sugar price rises
Outlook on Brent crude oil, Chicago wheat and sugar amid a strengthening US dollar.
Brent crude oil price is gunning for the 90.00 region
Last week the Brent crude oil front month futures price rose and closed above their 84.58 late November high on a daily chart closing basis, confirming a break out of the mid-November to March bottoming phase with the psychological 90 mark now being in focus amid supply-side concerns. On the way up lies the early November high at 87.69 together with the mid-October low at 88.04. Minor support sits at Thursday’s 85.26 high.
Chicago Wheat prices approach major resistance
Chicago wheat front month futures have fallen through their key 557 to 552 support zone, made up of the September and November lows, in early March and fell through the 534 September 2020 low to their current March low at 527 before stabilising. Because of inverse polarity the previous major support zone has become a key resistance area at 552 to 557 which is back in focus. Were it to cap with last week’s 559 high, further downside might be in store. A fall through 527 would engage the psychological 500 mark ahead of the March, May and August 2020 lows at 494 to 492.
Sugar futures prices try to break through downtrend line
Front month sugar futures prices are in the process of breaking through their November-to-March downtrend line at 22.00. If a daily chart close above the downtrend line were to be made, the early February low and late February high at 22.53 to 22.92 would be back in sight. For the medium-term downtrend to become bullish a rise and daily chart close above the 22.92 level needs to occur. Immediate upside pressure will be maintained while Wednesday’s low at 21.30 holds.
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