Daily Commodity Chart Wrap 2/26/2015:
Brent Crude Oil (Daily)
Brent crude remains in an uptrend above $60.
Very impressive move in copper today as it surged above the falling 50-day simple moving average. Previous support near $2.76 is up next, this level also lines up with the 61.8 Fibonacci retracement from the November breakdown below $2.95.
Double-bottom potential off lower Bollinger Band in wheat. It would be fitting if a counter trend rally began as the “death cross” takes place (50SMA crossing below 200SMA).
WTI Crude Oil (Daily)
WTI crude got crushed today but remains in the $48-$54 ping pong range. WTI continues to underperform Brent due to North American oversupply predominantly due to shale oil production.