Brent crude oil price breaks through resistance while silver price rises and cotton price stabilizes
The Brent crude oil price has broken through technical resistance as the silver price nears its downtrend channel resistance line and the price of cotton stabilizes above its 3 ½-year low.
Brent crude oil price tries to break through key resistance
The Brent crude oil front month futures price briefly manage to overcome the 83.93-to-84.72 resistance zone with the mid-March high at 87.11 being eyed next, ahead of the 90.00 region.
The 55-day simple moving average (SMA) at 84.31 may offer minor support above the 84.24 to 83.93 January and early March highs and the 200-day simple moving average (SMA) at 83.53.
Silver price resumes its ascent
The spot silver price has risen from last week’s $28.66 per troy ounce low, made along the 55-day simple moving average (SMA) and February-to-June uptrend line, and is getting ever closer to its one-month downtrend channel resistance line at $30.58. If overcome, the 7 June high at $31.55 would be back in sight.
Minor support sits at the $29.79 April peak.
NY cotton futures prices recover from 3 ½ year low
Front month NY cotton futures prices slid to a 3 ½ year low at 69.81 following three consecutive weeks of falling prices but have manged to heave themselves back above the 70.13 October 2022 low. A significant low may thus be in the process of being formed.
If not, and if a fall through 69.81 were to occur, the November 2020 low at 68.73 would represent the next downside target.
Immediate downside pressure should be maintained while the February-to-June downtrend line at 75.30 caps.
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