Adam Smith Associates - Commodity Technical Analysis


Adam Smith Associates offers trade & commodity finance related services & solutions to its domestic & international clients. Views expressed in this article are purely of the author - Mr Rohit Srivastava - a leading technical analyst. Visit www.adamsmith.tv for services offered by Adam Smith Associates Pvt Ltd

Crude
Crude Oil has spent some time consolidating above the 50$ mark after it broke out of an inverted head and shoulders bottom. Once crude gets past the 55.24, wave 1 high, we should be well on our way to 65$ as the next level that is close to the upper end of the rising channel from the Oct 2016 low at 42.20



Copper
Copper took support at the 20dma near 2.70$ and should be well on its way into wave iii of 3. It could move to 2.90-3.02 as the next set of Fibonacci levels based on the Elliott wave fractal.



Silver
Unlike gold, Silver is seeing a slow and steady advance with daily ups and down. However having broken out of the falling channel the objective of the breakout is near 19.50$. This is based on measuring the size of the channel and projecting it above the breakout point. Simple. Note the RSI on the top half of the chart is just below the 70 mark that is usually considered overbought. This is an interesting point for silver because it maybe on the verge of a strong take off on the way up. When that happens you will see bigger candles and overbought readings that will not be followed by a correction but even more gains. The third wave should eventually become fascinating





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