This is the first Daily Commodity Chart Wrap at Energy and Gold.com. Each day we will select a few of the most important commodities charts to post along with some light commentary.
West Texas Intermediate Crude Oil (Daily)
WTI fell 2.56% today as it test critical support in the $48-$49 area. A break below $48 would call into question a potential rounding bottom pattern.
A spinning top candlestick was printed today after the 2nd consecutive session which saw price fall below $1200 only to close back above this psychological round number. A lower high & lower low indicate that the downtrend remains firmly intact. Key upside levels: 1230, 1250. Key downside levels: 1180, 1130.
CRB Index (Daily)
The CRB continues to prove unable to rally above its falling 50-day simple moving average as it remains within 10% of the 2008 Global Financial Crisis panic lows.