Beware the great commodity bull? - having the biggest down candles since it all started
BCOM index, the hot commodity index people are all in on, has put in 3 big negative candles.
We have not seen such big 3 negative candles in a row since April lows (when commodities made the low).
Note we are approaching first supports slightly lower at the short term trend line and the 21 day moving. Longer term trend is pretty far down.
As we pointed out on Friday, DXY has caught some real bids lately. People have forgotten that the DXY matters for commodities and that the gap between the two is rather wide.
Let's see how this develops, but we know of zero commodity bears...
We have not seen such big 3 negative candles in a row since April lows (when commodities made the low).
Note we are approaching first supports slightly lower at the short term trend line and the 21 day moving. Longer term trend is pretty far down.
As we pointed out on Friday, DXY has caught some real bids lately. People have forgotten that the DXY matters for commodities and that the gap between the two is rather wide.
Let's see how this develops, but we know of zero commodity bears...