Latest Indiacharts - The Truth About The Markets

Published: Tue, 06/30/20

The Truth About The Markets

30 JUNE 2020

Many are missing what the quick reversal in commodity prices is all about. Many of todays gainers are actually metal stocks. The collapse in oil has quickly become the trigger for its recovery. The shut downs in capacity have lead to supply being slower even in the slow opening up of the world economy. Demand is coming back faster and Oil 9$ might be something you will only read in history books.

The deflation trade is behind us is that these price charts are telling.

Rohit Srivastava

The Truth About The markets

CRB Index

The CRB index continues to make higher highs, even though I was considering a pause on oil prices. This index indicates that we may continue higher for commodity prices in the coming days.

crb 010620

Copper

There are multiple subdivisions and copper and therefore there could be multiple extensions as well. We may just consider that it will take support at or near the 20 DMA which is currently at 2.50 and continue higher. Every 3 wave pullback could end up being 1/4 wave of some degree inside a larger 3rd wave rally. The top end of the channel is currently at $ 2.80 as the major resistance and it is a rising line.

copper 160620

Crude

WTI crude continues to hold on to higher levels, but a lot of the recent price action shows a series of corrective moves. This could end up being an ending diagonal in formation if the trendline of the last 2 highs at $ 42.15 is not crossed. That would then Mark the end of wave 1

crude 300620

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Rohit Srivastava
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