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Strategies & Market Trends : Commodities - The Coming Bull Market -- Ignore unavailable to you. Want to Upgrade?

To: craig crawford who wrote (17)	5/31/2001 3:06:57 AM
From: craig crawford	Respond to of 1643

Updated Wed May 30 09:34 ET CRB Outlook: Flat as firm meats offset weak metals The CRB Index was last down 0.47 at 210.05, pressured by early losses in precious metals and softs. KEY CHART POINTS TO WATCH FOR IN THE CRB INDEX (US@CRB) 254.79 -- May 29, 1997, high; highest since May 1996 238.00 -- upside objective based on pennant breakout 234.38 -- Oct. 12 uptrend high 232.70 -- 61.8% retracement of April 1996-July 1999 bear run; violated briefly in mid-October and again in January 228.37 -- former trendline support dating back to July 1999 lows; reconfigured to account for recent violations (rising at 50 bps/week) 223.26 -- 200-day moving average 220.00 -- major support/resistance swing line on charts dating back to January 1991 219.26 -- 100-day moving average 218.37 -- Oct. 30 correction low; lowest point since August 2000; now resistance 218.02 -- reversal peak set March 28 217.43 -- lower edge of support line from last summer and March 2000 peak; now resistance 215.04 -- 20-day moving average 214.61 -- 100-week moving average 214.49 -- 40-day moving average 213.94 -- 200-week moving average 212.40 -- Tuesday's session high 210.52 -- Tuesday's close; session low 209.91 -- Oct. 14 high; previous trading range highs; now support 208.91 -- low for the move set April 2 208.46 -- 50% retracement of the July 1999-October 2000 rally 199.66 -- Oct. 11 low; starting point of lower border of two-month triangle; key support from range low 195.99 -- gap on daily charts left by Aug. 30 higher opening 193.99 -- reversal high set May 6; old trading range highs, now support 188.44 -- July 28 low; double bottom on daily charts 182.67 -- July 13 low; lowest since June 1975 180.30 -- June 1975 low on monthly charts NOTES: At the close, the Commodity Research Bureau index of 17 futures prices was 1.82 lower at 210.52 after reaching an eight-week low. The CRB confirmed Friday's slide through the recent range low at 212.64. The index fell hard Tuesday and now is within striking distance of the major low at 208.90 set April 2. A push through that low would open the door for a resumption of the intermediate bearish trend. However, if that low holds in the next few days, it would be tempting to say that the lows for the move are in place and that upside potential exceeds downside risk.