WTI crude price and natural gas price falls, but NY cocoa price at two-week highs
While oil and natural gas prices have continued to fall, NY cocoa prices are back at the highs seen earlier in May.
WTI on the back foot
Two days of losses have reversed the looming bullish view, knocking the price back below the 200-day simple moving average (SMA).
The price is now back on course to test the lows of May around $76.50. A close below $76.10, the low from 24 May, would mark a fresh bearish move, targeting $74.10, before the February low at $71.45.
Bulls will need a revival back above $79 to suggest another attempt at a push higher is underway.
Natural gas falls
The price continues to retreat, though it remains above the 200-day SMA for now.
A close back below the 200-day SMA could indicate further losses in the direction of the rising 50-day SMA, while before this comes the January high at 2380.
Bulls will be looking for a reversal above the 200-day SMA that can then put the price back on course to test recent highs.
Cocoa rebounds
Cocoa prices have revived from their May lows, and are back at the 50-day SMA, last tested two weeks ago.
The rally to the 50-day SMA in early May turned into a fresh leg lower, with most of the drop occurring in one day. Bulls will want to see a close above the 50-day SMA, to amplify the short-term bullish and align it fully with the medium-term bullish view.
A close back below 8000 would suggest that the early May move is repeating itself.
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