Wednesday, October 29, 2008

Wednesday Commodities Round-Up

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On the weekly chart notice the following:

-- Prices are at or near their lowest level in three years

-- Prices have dropped 45.24% since their early July high

-- The 10 and 20 week SMA have moved through the 50 week SMA

-- Prices are below all the SMAs

-- The only bullish point to make is the average is technically oversold

Bottom line: this is a bearish chart.

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On the daily chart notice the following:

-- Prices are below all the SMAs

-- Prices have continually moved through previously established support levels

-- All the SMAs are moving lower

-- The shorter SMAs are below the longer SMAs

-- The only bullish point to make is the average is technically oversold

Bottom line: This is also a very bearish chart.