200 Candles Hanging On The Wall
Just a few Commodity Charts
I wasn’t going to bother you today (or is it that I wasn’t going to bother today?!) but I found this interesting:
Quite a few key commodities are testing their 200 weekly moving averages.
SILVER
COPPER
OIL
These 3 charts look very interesting to me. I don’t want to say if it’s bullish or bearish so I don’t influence the reader but lets put it this way: 200 wma is usually a good support level for a bounce OR a pretty nasty spot for a breakdown.
Now why are all 3 commodities at the same time at their 200 weekly moving average?
It could be a coincidence.
Or it could be that the AI algos are having a laugh at the monkeys and drove the commodities to these imaginary support levels, that only monkeys believe that exist.
Or it could be that we are setting up for a big move. Up or Down. Keep monitoring.
Disclaimer:
This isn’t financial advice.
This is the trading blog of a shrub.
Don’t be Stupid.
Traders commitments favor palladium over gold and silver. We’ve had two bounces from lows, now pulling back into buy zone again.
Gee, I can't actually imagine a human being wanting to think about these things. But that is probably the reason that you are rich, and I am poor.