Interesting charts of the day
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February 05 2014

Commentary by David Fuller

Interesting charts of the day

Price chart action reflects a combination of fundamentals, sentiment and money flows.

Continuous Commodity Index (monthly, weekly & daily) – Are people too bearish of commodities? That would be understandable after nearly three years in a downtrend. However, CCI has continued to find support above its June low and the psychological 500 level; it has fanned through downtrends, and now rallied to its highest level since last September. A close beneath 510 is now required to question the current outlook for sideways to higher ranging.

Arabica Coffee (weekly & daily) found support near the psychological 100 level and its lows dating back to 2007. It is now temporarily overextended but with weather related problems jeopardising current crops from Brazil to Indonesia, downward risk appears limited to reactions and consolidations within the recovering trend evident since November.

Orange juice is in the upper middle of its range over the last ten years and is potentially building support. The Florida crop avoided the USA’s recent polar vortex but orange juice could move higher if the current drought conditions in Brazil and California persist.

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