World commodity chart update for 23/04/2009

Oil continued its tight range trading approaching the new resistance between 49.05 and 49.35 – Previous broken support- we still keep our intraday and the short term outlook to the downside towards 46.65 followed by 44.30. As far as 49.35 and 51.50 remains intact.

The trading range for today is among the key support at 44.30 and the key resistance at 54.50.

The general trend is to the downside as far as 49.35 remains intact with targets at 44.30 and 41.35.

Support: 47.70, 47.20, 46.65, 46.00, 45.00
Resistance: 49.05, 49.35, 50.10, 50.60, 51.50

Recommendation According to our analysis, sell the contract below 49.05 with targets at 47.70 and 46.65 stop loss with a four hour close above 50.45.

Gold posted a key reversal up and closed higher due to short covering on Wednesday as it rebounded against yesterday's decline. The high-range close sets the stage for a steady opening on Thursday. Stochastics and the RSI remain neutral to bullish signalling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing would temper the near-term bullish outlook.