The recovery rally in WTI - which started at the end of December - seems to be slowly losing momentum. Resistance at $54.55 (near the 38.2 % Fibo of the Sep-Dec decline) proved to be too strong and selling pressure has been increasing since then. With the long-term downtrend intact, WTI bears still have the upper hand. The major level to watch is the psychological support level at $50, followed by $47.72 (Jan 2 high).
NAT GAS has been trading within a descending trend-channel since reaching a top at $3.70 earlier this month. With NAT GAS still within a strong downtrend and currently testing a key support level at $3.13, the short-term outlook remains bearish. Additionally, the RSI indicates that the commodity is not yet in oversold territory. The next level to watch beneath the key $3.13 level is $3.00, followed by $2.88.
The consolidation in COPPER continues, and with a lack of catalysts, most traders prefer to trade the range. The commodity is currently testing the 21 DMA. A break below that line could cause further momentum selling. Fundamentals are another negative factor for Copper, as concerns over the global economy are growing.
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Soaring US yields trigger the wrecking ball effect as yields become a source of volatility for risk, rather than a source of support