Check out these three charts:
This is the coffee ETN. Looks bad for bulls, great for addicts such as yours truly.
And here is Brent crude oil. We all know that West Texas broke down but this one makes me a lot more comfortable with my long-term bull call on energy.
The point - not all hard assets are bad. In fact, I think most are quite solid.
2 comments:
I don't know if I am not understanding your view properly, but isn't Brent's RSI trending down? I checked OIL, and it seems the RSI is trending down there as well, with MACD in negative divergence. I believe there is a short term break down. Though long term trend could be up for oil/crude, I am not seeing it too clearly at this time.
I don't see the trend or the meaning in RSI or MACD here. The point was that Brent still has a rather important support just below.
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