10.03.2016 - Technical view on commodity futures

The price of gold has corrected inside the rising channel to the level of 1244 and the lower boundary of the rising channel. Fixing of price below these levels will be the basis for opening short positions with the potential fall to 1200, 1165 and 1140. On the other hand, we do not exclude the possibility of a rebound up to the levels of 1265 and 1280. Our medium-term outlook remains negative.

Nearest resistance levels: 1280, 1300, 1315, 1330

Nearest levels of support: 1244, 1230, 1200, 1190, 1165, 1150, 1140, 1120, 1110, 1095, 1080

The price of Light sweet crude oil has shown the strong growth and reached the strong resistance level at 39.65, which coincides with the local maximum. In case of its overcoming and breaking through the psychologically important mark of 40.00, the growth may continue until 42.00. At the moment, there is an attractive opportunity to open short positions with the tight stop above 40.00 and fall potential to 36.00, 33.00 and 31.00. Our medium-term outlook remains negative and we forecast price decline in the near future.

Nearest resistance levels: 39,65, 40.00, 40.75, 42.00

Nearest support levels: 38.00, 36.00, 35.00, 33.00, 31.00, 30.00, 28.00, 25.00, 22.00, 20.00

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