|
Resource futures are of special interest to investors seeking leverage into Australia and China for that matter. So it is overdue that we look at the outlook of key indicating resources. Here we go.
Oil is just about set:
click to enlarge
We will still see movement but for the time being I see no trend up or down developing – assuming there are no global eruptions in supply regions. We cannot predict that but maybe also what large oil pundits are saying is that a truce is sort of in place in varying ways for a little time.
High grade copper has a little upside in the near term:
click to enlarge
But then will range trade for a while:
click to enlarge
But the big picture is, the upward trajectory will resume:
click to enlarge
But there is time to get set so don’t rush out and buy today – well I won’t be as I still think there is still time to get set. And I don’t expect to buy at the bottom. All I seek is a ‘sleep well at night’ balance between value and risk.
Gold near term will range trade:
click to enlarge
Note the oscillator.
But eventually it will take off:
click to enlarge
There are other futures we could look at but they say more of the same – that is, short-term range trading and then a strong trend emerging.
Stay posted!
Enjoy the ride
Tom Scollon |