OSB Daily Technical Analysis for November 18, 2014

Failure to sustain upside momentum and resistance at the key $1200 area. Formation of shooting star candle suggests some indecisiveness. Likely to retest resistance above. Failure of a clean break out and a close below $1180 likely to open new down leg.

Rally attempt met with strong resistance at the $16.50 area. Push back and close below the 20 DMA. Silver likely to consolidate at this level. Further rallies likely to be sold into.

Copper continues to tread water in the $3.00 area. Strong base and very well supported at these levels. Continued range bound action and high volatility is dominant theme in Copper for now. A clean break below $3.00 needed to open next down leg.

Crude decline found support in the $75.00 area which continues to draw buyers at this level. Action from previous two sessions suggest Crude is likely to bounce higher in the short term. Resistance in the $77-$80 area remains significant for now.

Opening gap and strong upward pressure to start the week. NG certainly looking bullish with $4.50 area looking like a realistic target. A close above opens market to new highs. Volatility increase likely to be significant as we head higher.

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