Brent crude oil price rise nears resistance while sugar bounces off nine-month low and corn slips
Outlook on Brent crude oil, corn and sugar futures ahead of the festive season.
Brent crude oil on track for sixth consecutive day of gains
Brent crude oil futures have risen for five straight days as Red Sea shipping concerns unnerve traders and are heading towards the October-to-December downtrend line at 80.62. Further up meanders the 200-day simple moving average (SMA) at 81.64 which may also act as resistance. Support below the 79.18 early November low is seen around the 14 December high at 77.44.
Corn price slips towards three-year low
Front month corn futures are slipping back towards their November three-year low at 471 as Brazil pulls ahead of the US as the biggest supplier of the commodity to China. A fall through 471 would engage the June 2019 high at 466.7 and mean that the major support zone which has held since August, has finally given way. Minor resistance above the 13 December low at 480 can be seen along the 55-day simple moving average (SMA) at 488.69.
Sugar #11 recovers from nine-month low
Front month sugar futures prices plummeted from their 12-year high by over 25% over the past few weeks as supply concerns ease, dropping to 20.56, a nine-month low, before trying to regain some lost ground. Short-covering is taking the futures back to Friday’s low at 21.38. While Friday’s high at 22.14 isn’t overcome, though, the steep downtrend remains intact with the psychological 20.00 mark remaining in sight.
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