Today's interesting charts
Comment of the Day

September 02 2010

Commentary by David Fuller

Today's interesting charts

David Fuller's view Don't be overly influenced by rhetoric from the doomsters or cheerleaders - look at market action shown on price charts.

Turkey (XU100) (weekly & daily) is another emerging market relative performer, which has been ranging higher during this year's global stock market correction. More recently, it has been consolidating gains near the 2007 peak and the psychological 60,000 level. A close beneath 58,000 would be required to question current scope for additional gains.

Corn (CBT) is moving steadily higher in what looks increasingly like a base formation completion process. A break in the progression of higher reaction lows, best seen on the daily chart, would be required to check upward momentum beyond a brief pause.

Crude oil (NYME) remains range bound. However the daily chart shows that the price has steadied in the $70 region once again and a close beneath the late-August low near $70.78 would be required to offset current scope for a further recovery towards the higher side of this range.

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