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Cotton (ICE US)Cotton (ICE US)

20240517 21:35

Cotton (ICE US) (THE RECORD COULD NOT BE FOUND) intraday: gap

Our pivot point is at 79.60.

Our preference: the downside prevails as long as 79.60 is resistance.

Alternative scenario: the upside breakout of 79.60, would call for 79.98 and 80.20.

Comment: the RSI is below 50. The MACD is negative and below its signal line. The configuration is negative. Cotton (ICE US) (THE RECORD COULD NOT BE FOUND) is trading under both its 20 and 50 period moving average (respectively at 79.49 and 79.64).

Supports and resistances:

80.20 **

79.98 *

79.60 **

79.45

79.30 last

78.85

78.62 **

78.40 *

78.17 **

Copper (CME)Copper (CME)

20240517 21:39

Copper (CME) (JUL4) intraday: the RSI is overbought

Our pivot point is at 4.9965.

Our preference: look for a drop towards 4.9965 before a bounce.

Alternative scenario: below 4.9965, expect 4.9750 and 4.9540.

Comment: the RSI is trading above 70. This could mean that either prices are in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is below its signal line and negative. The penetration of 50 on the RSI would call for further downside. Copper (CME) (JUL4) is trading above both its 20 and 50 period moving average (respectively at 5.0130 and 4.9448).

Supports and resistances:

5.1640 **

5.1425 *

5.1065 **

5.0925

5.0770 last

5.0180

4.9965 **

4.9750 *

4.9540 **

GoldGold

20240517 22:04

Gold Intraday: further advance.

Pivot: 2405.00

Our preference: long positions above 2405.00 with targets at 2425.00 & 2440.00 in extension.

Alternative scenario: below 2405.00 look for further downside with 2395.00 & 2385.00 as targets.

Comment: the next resistances are at 2425.00 and then at 2440.00.

Supports and resistances:

2460.00

2440.00

2425.00

2415.90 Last

2405.00

2395.00

2385.00

Crude Oil (WTI)Crude Oil (WTI)

20240517 22:07

Crude Oil (WTI) (M4) Intraday: intraday support around 79.60.

Pivot: 79.60

Our preference: long positions above 79.60 with targets at 80.40 & 80.95 in extension.

Alternative scenario: below 79.60 look for further downside with 79.10 & 78.75 as targets.

Comment: the next resistances are at 80.40 and then at 80.95.

Supports and resistances:

81.55

80.95

80.40

80.02 Last

79.60

79.10

78.75

Copper (CME)Copper (CME)

20240516 12:22

Copper (CME) (JUL4) intraday: the downside prevails as long as 4.9700 is resistance

Our pivot point is at 4.9700.

Our preference: the downside prevails as long as 4.9700 is resistance.

Alternative scenario: above 4.9700, look for 5.0050 and 5.0260.

Comment: the RSI is below 50. The MACD is below its signal line and negative. The configuration is negative. Copper (CME) (JUL4) is trading under both its 20 and 50 period moving average (respectively at 4.9580 and 4.9495).

Supports and resistances:

5.0260 **

5.0050 *

4.9700 **

4.9560

4.9320 last

4.8865

4.8655 **

4.8450 *

4.8240 **