Interesting charts
Comment of the Day

February 23 2015

Commentary by Eoin Treacy

Interesting charts

Eoin Treacy's view

West Texas Intermediate Crude oil has not rallied nearly as well as Brent Crude; emphasising the slow response of supply to the fall in prices despite the lower rig count. A process of mean reversion is underway but a clear upward dynamic will be required to signal a return to demand dominance. 

Heating Oil has almost completely unwound its oversold condition relative to the 200-day MA and some consolidation of this impressive four-week rally is looking increasingly likely. 

Arabica coffee – failed to find support in the region of the 200-day MA from December, encountered resistance in the region of the trend mean in January and is now extending the decline. A clear upward dynamic will be required to check momentum beyond a brief pause.   

Mexican Peso Per 1 US Dollar – The Peso had been among the steadier commodity related currencies until oil prices collapsed. The Dollar is now testing the region of its 2009 peak and a break in its progression of higher reaction lows will be required to suggest more than temporary resistance. 

 

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