WTI bounces off support while Chicago wheat, Arabica coffee prices remain under pressure
The oil price is recovering from Monday’s low amid heightened Middle East tensions and supply concerns while Chicago wheat, Arabica coffee prices continue to slide.
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WTI bounces off support
The swift descent in front month WTI futures from Monday’s 78.87 high on demand concerns has taken it to Monday’s low at 71.45 where it bounced off its December-to-February uptrend line to the 55-day simple moving average (SMA) at 7,348 around which it has been trading since. A rise above Tuesday’s 73.84 high may lead to the 5 January high at 74.26 being reached ahead of the 75.27 to 75.45 12 and 22 January highs. Minor support below the 22 January low at 72.57 sits at Tuesday’s 72.43 low.
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Chicago Wheat prices remain under pressure
Chicago wheat front month futures prices managed to find support around 593 at the end of January which remains in sight while these stay below the 55-day simple moving average (SMA) at 608.30. Further down the November-to-February uptrend line at 590.00 may also act as support ahead of the 581 mid-January trough. Overall bearish pressure should be maintained while last week’s high at 616 isn’t overcome.
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Arabica coffee on track for third day of falling prices
Front month Arabica coffee futures seem to have topped out at 194.06 last week and have since slid to the 55-day simple moving average (SMA) at 183.73 which so far acts as support, together with the 25 January low at 182.26. Below these levels the October-to-February uptrend line can be spotted at 179.80. Minor resistance above Wednesday’s 186.57 intraday high sits at Friday’s 188.25 low.
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