CRB Index Finally Gives a Bull Signal
14 May 2009
The collapse in the CRB Index from a peak last Jul started grinding to a halt last December, with slow recovery attempted since early March. We have been patiently waiting for better bull signals –and these are now being seen.
MONTHLY CHART – CONTINUATION: After a low of 200.16 the best rebound since the start of the index’s collapse last year is underway. First target on this chart is the 23.6% 264.78 retracement. Also note higher resistance from the significant 284.61 Jan-07 low.
DAILY CHART: A short term bull signal was given by the Mar break above the 213.34 26-Feb high. This then became a good support level. However, we wanted to see a breach of the small bear channel top projection for a proper bull trigger, which has now happened. And now, a close above 244.31 would provide a further boost, on the way to that initial 23.6% 264.78 target. S/term support offered around 230, while lower 213.34 should keep out of reach now.
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