Resistance alert for Commodity
Commodity index is reluctant to pierce the aforesaid 37 (R1) level coincides with 200w SMA indicates the index will take a breather to neutralize its prolonged overbought condition as seen on RSI. The index could make a return move to support level at S1 or further to S2 before it could introduce a change in trend to Bullish, if it could travel above R1. The pattern and movement of the index coincide with the Brent Oil and FCPO on our earlier analysis.
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Disclaimer: No trading strategy provided here. Our content is intended to be used and must be used for technical analysis education purposes only.
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