Welcome to the TFC Commodity Trading Forum.
Please feel welcome to join in on these informative ongoing discussions about trading futures and commodities.

The Trading Forum is intended for the open discussion of commodities trading. The management of this Forum does not agree or disagree with the ideas exchanged, and does not exert editorial control over the message posted herein. Read and post at your own risk. The risk of loss in trading or commodities can be substantial. We discourage the use of this Forum to promote trading that is acknowledged to be risky. Please note: many links from the Forum lead to pages on other web sites. We cannot take responsibility for nor endorse the information presented on those sites.

TFC Commodity Trading Forum

Re: Trades - CRB Index/Silverbear *LINK*
In Response To: Trades - CRB Index ()

I track it with Stockcharts as Qcharts has a variety of commodity index symbols that I'm not sure of. This is the standard $CRB Index which is the one commonly referred to. I have never liked the CRB Index as a guide as it is overwhelmed with Crude and related products. Might as well just track Crude etc. But regardless of what I think here is the $CRB chart. Price has come back to an important technical price point which is the breakout point of early 2010 resistance that has been tested a couple of times successfully since. So here we are again testing the 293 support. The overall chart pattern is a bearish Descending Triangle and suggests a breakdown at this price point. (you can't continue to lose all the gains of each rally and expect support to hold each time) A breakdown would project the distance down below this support the depth of the triangle which is a long ways down. BUTTTTTTTTTTTTT as a wise man once said "Support is Support". (and no I wasn't that wise man as I'm not that wise) And all the b.s. in the world can't change that. Only a clear breakdown here that holds below this 290 'area' will suggest much, much further down. And keep in mind Crude is a huge part of the $CRB Index so you know what would get trashed the most. But with DX trying to clear its downtrendline and April high price resistance at 80.43 and the ES trying to hold above the May 2011 high that price broke up out of last Feb this is just one more market at a major turning point. With EC breaking down below 1.30 and 'so far' is holding below for the 3rd day it does 'appear' it is the 1st market to tip us off to which direction these markets are going to go. EC and SP and CRB are closely correlated with DX inverse. But it would still be wise to wait for each one to breakdown 1st before 'assuming' anything. This 2-3 day breakdown of EC could be a false breakdown just like Crude's false 2 day breakout was. Still early on the West Coast so that's all I can come up with presently fwiw.......................

Messages In This Thread

Trades - CRB Index
Re: Trades - CRB Index/Silverbear *LINK*