WTI and silver are topping out short-term while cocoa trades in 6 ½ year highs
Technical outlook on WTI, silver and cocoa prices with the latter approaching the psychological $3,000 per metric ton mark.
WTI continues to slide
WTI continues to slide as Chinese refineries processed a record amount of crude in March and as Russia’s crude oil exports bounced back above three million barrels a day last week, according to Bloomberg.
Iraq is also hoping to resume oil exports from the Turkish port of Ceyhan after being halted last month, all of which puts downward pressure on the price of crude oil.
Last Tuesday’s low at $79.40 may be reached on a fall through the $80 mark with the breached January-to-March resistance line at $79.22, because of inverse polarity, now a support line, offering potential support. Further down sits the $79.02 March-to-April gap high point with the gap descending all the way down to $75.76.
Immediate downside pressure should be maintained while the early April high at $81.79 caps on a daily chart closing basis. Further up meanders the 200-day simple moving average (SMA) at $82.35.
Silver price comes off its one-year high
The near 30% rally in the price of silver from just below the $20 per troy ounce level in early March has given way to some profit taking with it slipping back below the $25 mark and heading back down towards the $24.63 early February high.
Together with the last reaction low at $24.57 it is likely to offer at least initial support. If slipped through, however, the December high at $24.30 may be reached next.
Immediate resistance can be found at Tuesday’s $25.32 high ahead of last week’s $26.09 one-year high. Further up sits the April 2022 peak at $26.22, followed by the March 2022 high at $26.95.
NY cocoa futures surge to 6 ½ year high
Front month NY cocoa futures continue to surge higher and now trade in 6 ½ year highs whilst fast approaching the $2,992 August 2015 low and psychological $3,000 per metric ton level amid ongoing supply issues in top grower Ivory Coast.
Minor support can be seen at the $2,930 March peak. As long as the March-to-April uptrend line at $2,896 and the last reaction low at Monday’s $2,886 trough hold on a daily chart closing basis, an upside bias remains in place.
The medium-term uptrend will remain valid as long as the late March to April lows at $2,831 underpin on a daily chart closing basis.
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