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Goldman Bullish Commodities 2023


BAX Inversion Builds On BoC Surveys

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(M1) Corrective Cycle Extends

  • RES 4: 148.95 76.4% retracement of the Mar 29 - May 19 sell-off
  • RES 3: 148.65 High Apr 22
  • RES 2: 148.10 61.8% retracement of the Mar 29 - May 19 sell-off
  • RES 1: 147.98 High Jun 3
  • PRICE: 147.67 @ Close Jun 3
  • SUP 1: 146.83 Low May 28
  • SUP 2: 145.64 Low May 21
  • SUP 3: 144.48 Low May 17 and the bear trigger
  • SUP 4: 144.16 1.236 proj of the Feb 12 - 26 - Mar 11 price swing

BTP futures remain in a clear downtrend following the recent extension lower to 144.48 on Mar 19. However, since May 19, prices have recovered and a corrective cycle remains in play, allowing a recent oversold condition to unwind. The recent break of the 20- and the 50-day EMA signals scope for further short-term gains and this has opened 148.10, a Fibonacci retracement. On the downside, initial support is at 146.83.

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