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The Lessons of Today’s Long Term Commodities Charts

This is a syndicated repost published with the permission of Slope of Hope. To view original, click here. Opinions herein are not those of the Wall Street Examiner or Lee Adler. Reposting does not imply endorsement. The information presented is for educational or entertainment purposes and is not individual investment advice.

Ya know, there’s only so much one can say about an equity market which has been caught in a range for a freakin’ solid month (“Welp, it’s not the top; oh, look, it’s near the bottom; whoopsie, near the top again!“) It’s a bore. So a little change of pace: commodities.

Here are a smattering of charts with a few words about each in the caption area:

Crude oil with retracements and fanlines; targeting the low 40s
Feeder cattle and its fanlines; a break below the green horizontal would badly weaken it
Copper and its retracement levels, with a core break happening now
This chart goes back to the 1950s, and soybeans are nearly crucial support
2 Year Treasury Notes looked doomed, long-term
Gold is looking fantastic on the long side
Copper and Fibonacci fanlines; serious breakdown in play

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