Standard Chartered Paints The Key Stuff

Nice charts from technical analysts at Standard Chartered yesterday. I take a look at ICE Brent Oil as the benchmark, as WTI crude is often distorted by storage fun:

- The USD 86.00/bbl target was met, and USD 89.58/bbl should give way to USD 90.75/bbl

- Dips are expected to remain limited to the USD 86.00/bbl zone now
- Technically, we expect the uptrend to extend further towards 91.85/bbl and higher

Click on chart to enlarge, courtesy of Standard Chartered.

And here is the view on sick Dr. Copper:

- LME copper prices should challenge rising trendline resistance at USD 8,730/t

- We favour a break higher after this to test resistance at USD 8,940/t
- Technically, we expect pullbacks to remain limited, with further gains to follow

Click on chart to enlarge, courtesy of Standard Chartered.

Don't worry, the QE will take care of your wealth ...