Oil prices drag down most commodities

by AFP (21 July)


(LONDON) Oil prices slumped last week as traders worried the slowing US economy would dampen demand from the world's biggest energy consumer, sparking losses across other key commodity markets.

Oil: Crude futures plummeted further from record high points above US$147 per barrel that were struck exactly one week ago. By Friday, Brent North Sea crude for September delivery dived to US$132.30, sharply down from US$144.15 a week earlier. New York's main oil futures contract, light sweet crude for August plummeted to US$131.15 from US$146.55.

Coffee: Coffee prices dipped after the sharp drop in oil. By Friday on Liffe, Robusta for September delivery fell to US$2,373 per tonne from US$2,361 a week earlier. On the NYBOT, Arabica for September delivery slid to 137.50 US cents per pound from 142.62 cents.

China Aviation Oil 180408

After hitting a high of 1.73 on 8 apr, China Aviation Oil softened but found support at the 1.57 level (green --), before rebounding up again.



China Aviation Oil seems to be coming off the boil as the next peak on 17 apr was lower. We might see China Aviation Oil trading within the downtrend channel (red --) next week.

For monday :

Support @ 1.62 (mid red --), 1.57 (green --), 1.552 (low red --), 1.50 (green ...)
Resistance @ 1.65 (low blue), 1.66 (upp red --), 1.707 (upp blue)

Good Luck !!

China Aviation Oil 040408

China Aviation Oil opened above the 1.50 psychological resistance turned support (green ...) on 31 mar but closed below it. However, on 1 apr, we saw China Aviation Oil again opening on the support (green ...) and continued to trade upwards within the uptrend channel (purple).



Although China Aviation Oil broke the downtrend resistance (upp red) today, we also saw China Aviation Oil opening and closing at the same price - $1.64, which may probably indicate that it has hit some resistance at that level.

If China Aviation Oil cannot break the 1.64 temporary resistance, we might see it consolidating at around the 1.60 level (mid purple meet upp red), before attempting to break it again.

If China Aviation Oil breaks the uptrend support (mid purple), we might see it receding back to the 1.50 psychological support (green ...).

For monday :

Support @ 1.608 (upp red), 1.57 (mid purple), 1.50 (purple ...)
Resistance @ 1.64 (4 apr opening/closing), 1.682 (upp purple), 1.75 (19 feb high)

Good Luck !!

China Aviation Oil 280308

Updated the trendlines, and you can see that China Aviation Oil first broke out the downtrend resistance (red --) on 25 mar with volume, hitting the 1.50 resistance (green ...) on the same day.



Thereafter, China Aviation Oil went side ways for 2 days, before breaking the 1.50 resistance today. Other than 27 mar, China Aviation Oil is still trading within the uptrend channel (purple).

If China Aviation Oil can open above the 1.50 resistance on monday, as well as continue to trade within the uptrend channel (purple), we might see China Aviation Oil testing the downtrend resistance (upp red).

If China Aviation Oil can break the downtrend resistance (upp red), it could at the end of its double-bottom formation.

For monday :

Support @ 1.50 (green ...), 1.472 (low red, mid purple), 1.387 (upp pink, low purple, red --)
Resistance @ 1.583 (upp purple), 1.627 (upp red)

Good Luck !!

China Aviation Oil 250308

China Aviation Oil is another counter that hit the long term downtrend support (red) on 20 mar, and recovered to break above the downtrend resistance (mid pink, upp red --) today.



I've added a short term uptrend channel (purple) and if China Aviation Oil can maintain within this channel, we might see it testing the downtrend resistance (upp pink) around the 1.62 level.

1.50 looks to be the resistance for the time being.

For tomorrow :

Support @ 1.388 (mid pink), 1.373 (upp red --), 1.327 (low purple), 1.279 (low red --)
Resistance @ 1.50, 1.55 (upp purple), 1.633 (upp pink)

Good Luck !!

China Aviation Oil 190308

Not only did the rebound for China Aviation Oil not materialise, it went on to create new lows after 10 mar.



China Aviation Oil can't seem to be able to get out of the downtrend channel (red). There is a possibility that China Aviation Oil would first have to hit 1.15 (low red meeting low pink) before there's any chance of a rebound.

For tomorrow :

Support @ 1.213 (upp red), 1.18 (low red), 1.16 (low pink)
Resistance @ 1.324 (low red --), 1.403 (mid pink), 1.415 (upp red --)

Good Luck !!

China Aviation Oil 100308

China Aviation Oil broke and closed below 2 downtrend supports (low red, mid pink) today. It even came to within $0.01 of the 22 jan low.



Would we see China Aviation Oil recovering like it did the day after 22 jan? Anyway you can see from the chart that it's a long way long to the next support (low pink).

For tomorrow :

Support @ 1.362 (low red), 1.206 (low pink)
Resistance @ 1.386 (mid pink), 1.456 (mid red), 1.526 (upp red)

Good Luck !!

China Aviation Oil 070308

China Aviation Oil first broke out of the long term downtrend resistance (upp pink) on 18 feb. However, its uptrend momentum could not be sustained, and it finally slipped below 28 feb.



China Aviation Oil then broke the uptrend support (low blue) on 1 mar, and it remained trading within the downtrend channel (red). It is now trading very close to the long term downtrend support (low pink).

If this breaks, we migh see China Aviation Oil testing the low of 1.33 on 22 jan.

For monday :

Support @ 1.391 (low pink), 1.38 (low red), 1.33 (22 jan low)
Resistance @ 1.472 (mid red), 1.538 (upp red), 1.61 (upp pink)

China Aviation Oil 130208

If you compare the charts between 13 feb and 11 feb, you will notice that the short term uptrend channel for China Aviation Oil is now less steep, and follows the recent trend more closely.



I've also added a short term downtrend channel (pink --), which joined the peaks of 18 and 25 jan. You can see that China Aviation Oil just managed to 'peek' above this resistance today. And also, China Aviation Oil also traded above the long term downtrend support (low red).

If China Aviation Oil can maintain within this uptrend channel (blue), we might see it testing the 2 long term downtrend resistances (upp red, pink).

For tomorrow :

Support @ 1.493 (low blue), 1.462 (low red), 1.40 (low pink --)
Resistance @ 1.504 (upp pink --), 1.54 (upp blue), 1.59 (29, 30 jan high)

Good Luck !!

China Aviation Oil 110208

Another one that couldn't maintain its uptrend momemtum. China Aviation Oil broke below the short term uptrend support (low blue) on 6 feb but managed to find support on the downtrend resistance (upp red --).



We may see China Aviation Oil continue to trade sideways if it fails to break the downtrend resistance (low red) and uptrend support (low blue).


For tomorrow :

Support @ 1.41 (upp red --)
Resistance @ 1.50 (low red), 1.58 (low blue)


Good Luck !!

China Aviation Oil 010208

After recovering from its 22 jan low, China Aviation Oil seems to be trading sideways for the time being.



However, it did managed to close just above the downtrend support (mid red) on 1 feb. If China Aviation Oil breaks this support, it may trade within the lower downtrend channel (red --). Could it also be doing a Double-Bottom formation like Cosco?


For monday :

Support @ 1.507 (low blue), 1.485 (mid red, upp red --), 1.367 (low red --), 1.351 (low red)
Resistance @ 1.654 (upp blue), 1.702 (pink), 1.74 (upp red)

Good Luck !!

China Aviation Oil 250108

China Aviation Oil managed to recover from its 22 jan low and even broke above the downtrend support (low red) last fri, 25 jan.



I've added a short term uptrend channel (green). If China Aviation Oil can maintain its uptrend momentum, we might see it testing the long term downtrend support (pink).

For monday :

Support @ 1.577 (low red, low green), 1.40 (upp red - -)
Resistance @ 1.722 (pink, upp gree), 1.844 (upp red)

Good Luck !!

China Aviation Oil 230108

Nothing much has changed since our discussion on 21 jan - China Aviation Oil is still on the downtrend. I've added a downtrend support (low red - -) which joined the lows of 2 and 4 oct.



If China Aviation Oil cannot maintain above the downtrend resistance (upp red - -), we may see it testing the 1.20 level, as indicated by the downtrend support (low red - -).

For tomorrow :

Support @ 1.44 (upp red - -), 1.257 (low red - -)
Resistance @ 1.618 (low red), 1.735 (pink)

Good Luck !!

China Aviation Oil 210108

From the chart, we can see that China Aviation Oil broke down on 15 jan, when it broke the long term downtrend support (pink) and downtrend resistance (upp red - -).



China Aviation couldn't complete the double-bottom formation when it broke below the 1.92 support (red . .) on 14 jan too.

The difference from the peak on 6 dec (2.39) to the support of 1.92 is 47 cents. So we may see China Aviation Oil testing the 1.40 level soon. If you look at the chart, that is where the downtrend support (low red - -) is pointing to.

So we may see China Aviation Oil trading within this channel (red - -) this week.

For tomorrow :

Support @ 1.482 (low red - -)
Resistance @ 1.66 (upp red - -)

Good Luck !!

China Aviation Oil 110108

China Aviation Oil broke through the long term support (green) today. It closed just 0.01 above the 20 nov low.



Monday will be critical. If China Aviation Oil cannot recover above the long term support (green), then it would be trading within the downtrend channel (red dashed).

For monday :

Support @ 1.909 (lower red dotted), 1.85 (upper red dashed), 1.782 (lower red dashed)
Resistance @ 1.95 (middle red dotted), 1.989 (green), 2.024 (upper red dotted)

Good Luck !!

China Aviation Oil 080108

China Aviation Oil seems to be going sideways for the time being, with 2.04 looking to be the support (temporarily?)



For tomorrow :

Support @ 2.013, 1.95 (both red dotted)
Resistance @ 2.07 (lower light blue), 2.134 (upper light blue), 2.20 (blue)

Good Luck !!

China Aviation Oil 040108

China Aviation Oil broke above the uptrend support (middle light blue) today with volume (2,163 vs 746).



However, we need to see China Aviation Oil breaking above the blue line before we can confirm that the downtrend has reversed.

For Monday :

Support @ 2.110 (middle light blue), 2.040 (lower light blue), 2.00 (red dotted)

Resistance @ 2.183 (blue), 2.22 (upper light blue)

Good Luck !!

China Aviation Oil 030108

China Aviation Oil seems to be doing a double-bottom. Just watch for volume if it breaks any of the resistance lines (green, blue and blue dotted).



For tomorrow :

Support @ 2.02 (red dotted), 1.969 (red dashed)
Resistance @ 2.095 (green), 2.1733 (blue), 2.22 (green)

Good Luck !!

China Aviation Oil 311207

Not much has changed for China Aviation Oil since our last discussion.



For Wed :

Support @ 2.0055 (red dashed), 1.8827 (green dashed), 1.8054 (green dotted)

Resistance @ 2.1511 (blue), 2.3103 (blue dotted)

Good Luck !!

China Aviation Oil 281207

China Aviation Oil looks to continue to trade within the downtrend channel (orange).



Support @ 2.005, 1.955
Resistance @ 2.063, 2.141, 2.165

Good Luck !!