WTI OIL - Conflicting signals
NGAS NL - Well oriented
GOLD - Correction has a bit further to go
COPPER - First corrective wave likely over
SUGAR - Buying opportunity
WHEAT - Medium-term top likely in
![](https://assets-global.website-files.com/645ec4f850427b533799c925/665596d8329ec79141692e55_Untitled.png)
WTI spent the month of May in a tight $3 range making chart patterns blurry. Prices are currently supported by the UT connecting the Dec –> Feb lows and 200dma but contained by the recent downtrend connecting the April & May highs and declining 21dma. The market will have to trade above $79.70 or below $76.61 to give a compelling clue for its future direction, but with an RSI picking-up from oversold levels, we will favor the bullish case.
![](https://assets-global.website-files.com/645ec4f850427b533799c925/665596f87ea1efc094069d55_Untitled.png)
NL Nat Gas broke above the significant April high resistance @ 33.95€ and has been holding above that level for five sessions. The overall pattern is constructive with a clear UT channel and rising moving averages and were Nat Gas to drop towards the early May pivot high @ 32.21€, it could be considered as a buying opportunity.
![](https://assets-global.website-files.com/645ec4f850427b533799c925/665596f87ea1efc094069d5a_Untitled.png)
Last week, we warned that despite trading near all time highs, Gold was vulnerable to a “C” wave correction, and the market has behaved as expected… up till now. We still anticipate a low in the $2277 – $2250 region before another bullish swing.
![](https://assets-global.website-files.com/645ec4f850427b533799c925/6655972792125ade42b512c0_Untitled.png)
The $520 high of last week was very likely the top of the bullish swing which started @ $365 early-February. The market has probably ended its first corrective wave @ 477$ yesterday, and Copper is expected to bounce towards $500, before another “C” wave unfolds to take the industrial metal down towards $470 – 460$ for a solid long-term buying opportunity.
![](https://assets-global.website-files.com/645ec4f850427b533799c925/6655972792125ade42b512c5_Untitled.png)
We stick to our view of last week; the correction from the 25.54c high in November 2024 likely ended @ 17.95c recently and Sugar is currently trading near long-term buying opportunity area.
![](https://assets-global.website-files.com/645ec4f850427b533799c925/6655972792125ade42b512c8_Untitled.png)
The fifth wave extended more than expected but Wheat should now be at, or near a temporary high. We expect a correction lasting several weeks and taking Wheat back towards 640$ before another push higher.
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About the Author: Joachim DJIAN
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