Wednesday Commodities Roundup

On the weekly chart, notice the following:

-- Price clearly broke the year long uptrend a few weeks ago

-- Prices have moved through the 50 week SMA and are heading lower. This is a very important technical development indicating downward moves are continuing.

-- Prices are below all the SMAs

-- The 10 week SMA has moved through the 20 week SMA

-- The 20 week SMA has turned negative

This chart is turning more and more bearish



On the daily chart, notice the following:

-- Prices have been dropping for two months

-- All the SMAs are moving lower

-- The shorter SMAs are below the longer SMAs

-- Prices are below all the SMAs

This is about as bearish as you can get on a daily chart.