The majority of the Commodities’ space remains rangebound, but as long as those ranges are intact we may as well take advantage of them.
Here’s Mentha Oil testing support down near 1,135 for the fourth time in two years and quickly reversing higher. This signals that buyers have taken control and we need to be erring on the long side if prices are above support, with a 1-3 month target near 1,420.
Click on chart to enlarge view.
Crude Palm Oil looks similar, testing support near 485 and beginning to work higher as momentum diverges. As long as prices are above this level, the bias is higher and we can look for some mean-reversion back towards the top of its range.
We’ll be discussing more trading opportunities and themes in tonight’s Members-Only Conference Call.
Thanks for reading and let us know if you have any questions!