Wednesday Commodities Round-Up

Notice the following on the agricultural prices chart

– Prices are consolidating in a triangle consolidation pattern, and have been for between 4-5 months

– Prices and the SMAs are still in a tight pattern, indicating overall indecision

– The MACD is rising

– The RSI is sort of rising, but it’s not as strong as we’d like to see

– There’s upward room for the stochastics.

Notice the following on the industrial metals chart:

– Prices have been consolidating since the end of last year

– Prices and the SMAs are still in a tight range, indicating indecision

– The MACD is rising

– The RSI is rising

– There’s a touch of upward room left on the stochastics

Bottom line: both charts are still consolidating.

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