Bullish Pitchfork on the Commodities Market
I assume this isn't news to most of traders while I write this, but macro-economically Commodities are a buy. Having been beaten down over the last 5-years the broad basket is on the rise. Anchored by rising oil prices, increased flight to fear (gold, silver), and the presence of an emerging inflationary pressure. In this chart, there is an evident bullish trending pitchfork pattern and as of 05/22/2018 the price is approaching a significant resistance that hasn't been breached since 2015. This resistance aligns itself conveniently with the $10 mark, possibly a psychological barrier. Based on the current trend and the practically undeniable bullish fundamentals, there are two directions to expect on this chart.
1) Cross the $10 threshold and the median line of the pitchfork, continue on a bullish trend above the median for 2-3 months
2) Bounce on the $10 resistance correct to about $9.5 on the lower trend of the pitchfork and continue a bullish trend below the median for 2-3 months
*These predictions are all contingent on the bullish fundamentals holding ground.
Risk: Interest rate, recessionary, trade war
Catalysts: Inflation, natural disaster, productivity increases
1) Cross the $10 threshold and the median line of the pitchfork, continue on a bullish trend above the median for 2-3 months
2) Bounce on the $10 resistance correct to about $9.5 on the lower trend of the pitchfork and continue a bullish trend below the median for 2-3 months
*These predictions are all contingent on the bullish fundamentals holding ground.
Risk: Interest rate, recessionary, trade war
Catalysts: Inflation, natural disaster, productivity increases
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