Brent crude oil and Chicago wheat decline while orange juice prices remain bid
Outlook on Brent crude oil, Chicago wheat and orange juice amid a depreciating greenback.
Brent crude oil comes off its three-and-a-half-month highs
Brent crude oil’s three-week rise on the back of total OPEC+ output cuts of over 5 million barrels per day until the end of August has taken it to levels last traded in late April at $81.56. Then it slipped back to its previous resistance, now support, zone at $78.52 to $77.51 on weaker-than-expected Q2 GDP growth in China. This support area is expected to hold on Tuesday. Were this not to be the case, the late June high at $77.24 may be reached as well. Resistance above the May peak at $78.52 can be spotted at the breached June-to-July support line, now because of inverse polarity a resistance line, at $79.14. Further minor resistance sits at Thursday’s $79.75 low.
Chicago Wheat prices remain under pressure
Chicago Wheat’s swift rally to Monday’s high at $6.95 on news that Russia pulled out of the Black Sea grain deal which led to worries of tighter supply and increased inflation has been followed by a sell-off to the 55-day simple moving average (SMA) at $6.50. Below it beckon the early July low at $6.42, the May-to-July support line at $6.31 and the current July trough at $6.27, provided that no rise above Monday’s $6.95 peak is taking place. Minor resistance below this level can be found at the 11 July high at $6.69 and at the 5 July high at $6.82.
Orange juice tries to break through resistance
Front month orange juice futures have been unsuccessfully trying to break trough a resistance zone over the past week despite a depreciating dollar which helped other commodity prices rise. Orange juice futures so far reached $2.7152, a daily chart close above which looks ever more likely, though, and is needed for the early June high at $2.7546 to be reached next. The price of orange juice will retain its bullish bias while it remains above last week’s low at $2.6398 on a daily chart closing basis. Below it meanders the 55-day simple moving average (SMA) at $2.6207.
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