19.09.2014 - Technical view on commodity futures

The price of gold stabilized near the level of 1220, after dropped sharply yesterday within the channel. Further reduction is limited by the levels of 1200 and 1180. In case of correction, the price can rise to the top of the channel. We expect the resumption of the price growth after reaching 1200. The target levels in case of the change of the downward trend to positive will be 1252, 1290 and 1330.

Nearest resistance levels: 1240, 1244, 1252, 1265, 1278, 1290, 1300, 1320, 1330

Nearest support levels: 1220, 1200, 1180

The price of Light sweet crude oil continued to decline in the descending channel after a few times failed to break the upper limit of the downward channel. Currently quotations broke through the level of 92.50 and continue to decline. In this regard, we expect that in the near future the price will drop once again to 90.00. The potential of further fall is reduced, but at the moment there is no reason to talk about changing the negative trend. We maintain a medium-term negative outlook.

Nearest resistance levels: 92.50, 94.00, 95.00, 95.50, 96.00, 98.00, 100.00

Nearest support levels: 91.60, 91.00, 90.00, 89.00, 87.50

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