Oil surged this week on the back of OPEC suggesting they might hold back a little production. While the news from OPEC is timely, The chart for Oil (WTIC) shows a lot of stress at this $48 level. One very positive development is a higher short-term high above the $47.75 high. We have been trading $42-$50 since April.
However, that theme of trading sideways is showing up in a lot of the commodities. Copper, Aluminum, Steel, Gold, and Oil have all been range bound for a while now.
Copper looked weak heading into September but has rallied all month. This pennant on Copper continues to tighten. Aluminum has been trading sideways for 8 months.
The Steel ETF was rallying but has moved to a sideways direction. The recent higher low looks good so that is a positive. This $31 level is important resistance. The chart has spent a lot of time between $27 and $31.
Here is the link for the webinar. I spent most of the time reviewing the commodities. The last 10 minutes jumps into a wider look at European banks, not just Deutsche Bank (DB). The internet connectivity was poor. My apologies for that. Commodities Countdown 2016-09-29.
Greg Schnell, CMT, MFTA.