Brent crude oil and silver prices see technical rebound while wheat nears support
The Brent crude oil price found support ahead of its February low while the silver price regains lost ground and Chicago wheat prices drop to support.
Brent crude oil price sees technical rebound
Brent crude oil front month futures prices dropped by over 9% from their late May high at 84.72 to Tuesday’s 76.74 low amid concerns regarding future demand and weak US economic data. This low was made close to its 76.59 February low, before a technical rebound on short-covering led to a recovery rally taking shape.
Good resistance can be spotted between the mid-January high and late February, mid- and late May lows at 80.25 to 80.88.
Failure at 76.74 to 76.59 would put the 74.81 early January low back on the map.
Silver price regains lost ground
Since the spot silver price’s decline from its $32.51 per troy ounce May peak can be sub-divided into three corrective Elliott zig zag waves, it is probable that this week’s low at $29.38 marks the end of the recent decline with renewed upside being in store.
An immediate upside target is Tuesday’s $30.88 high, a rise above which would have the May peak back in view.
Were the $29.38 level to give way, though, the 55-day simple moving average (SMA) and February-to-June uptrend line at $28.23 to $28.13 could be in focus instead.
Chicago wheat price slips to support
The price of US wheat, which rallied by close to 40% from its March low to 730 on the Daily Financial Bet (DFB) of the front month futures contract, a level last traded in July 2023, has fallen by close to 10% to technical support over the last week.
The March-to-June rally amid adverse weather conditions, geopolitical tensions, and market speculations seems to have culminated at the 730 May peak.
Improved supply has led to the mid-May low at 658 being revisited. Slightly below it the 650 December peak may also offer support. If not, the 55-day simple moving average (SMA) and late January high at 623 to 620 might be revisited.
Related articles
Live prices on most popular markets
- Equities
- Indices
- Forex
- Commodities
Prices above are subject to our website terms and agreements. Prices are indicative only. All share prices are delayed by at least 15 minutes.
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
