World commodity chart update for 28/05/2009

Before reaching the expected pivotal resistance of 64.55 zones, oil declined as a result of the negative pressure offered by momentum indicators which took it towards 62.25. There is possibility of resuming these correctional actions towards the lower line of the upward channel around 61.45 zones followed by inclining movements targeting 64.75. This bullishness is in favor as far as 59.50 remains intact, on the other hand a breakout below this mentioned level will lead us towards $ 57.00 a barrel.

The trading range for today is among the key support at 57.00 and the key resistance at 67.50.

The general trend is to the upside as far as 47.20 remains intact with targets at $73.00 a barrel.

Support: 62.25, 61.45, 60.40, 59.50, 58.90
Resistance: 63.80, 64.75, 65.50, 66.10, 67.50

Recommendation: According to our analysis, buy the contract above 61.45 with targets at 62.80 followed by 63.80 and stop loss with a four-hour close below 60.40.

Gold is declining slightly, respecting the negative pressures of moving below 61.8% Fibonacci level forming an engulfing bearish candlestick structure below Tenkan-sen and Kijun-sen -moving averages of Ichimoku indicator-. As a consequence, further downside movements are still in favor particularly if it succeeded to breach the lower line of the diagonal. Note that SMA 50 is valued at 942.00 while indicators are still trending downwards. Therefore we will keep our overview to the downside on the intraday basis as far as 960.00 remains intact.

The trading range for today is among the key support now at 916.00 and key resistance now at 976.00.

The general trend is to the upside as far as 820.00 remains intact with targets at 1035.00 and 1060.00.

Support: 942.00, 936.00, 932.00, 925.00, 916.00
Resistance: 947.00, 952.00, 956.00, 963.00, 974.00

Recommendation: According to our analysis, sell gold at 947.00 with targets at 932.00 and stop loss at 960.00