FASANARA CAPITAL Chartbook

CHARTBOOK June 05, 2017

FASANARA CAPITAL Chartbook

THINGS TO WATCH

> While the S&P hits record highs and pulls global equities, the commodity crack down is testing critical levels

> China may be unable to provide support in the short term, as the credit impulse wanes > Disconnection from equity markets looks large, historically Commodity Index (Reuters) at death cross levels (in April 50dd MA on 200dd MA, now also 100dd MA on 200dd MA)

Commodity Index (Bloomberg) testing important 1-year support (1/2)

CHARTBOOK June 05, 2017

FASANARA CAPITAL Chartbook

THINGS TO WATCH

Commodity Index (Bloomberg) testing important 1-year support (2/2)

...which is also close to 30-years lows

CHARTBOOK June 05, 2017

FASANARA CAPITAL Chartbook

THINGS TO WATCH

Oil (WTI) still below trend-line, despite draws on inventories and OPEC/non-OPEC production cuts...

..now also testing a Fibonacci 50% retracement

CHARTBOOK June 05, 2017

FASANARA CAPITAL Chartbook

THINGS TO WATCH

Russian Ruble (commodity-driven currency) still holding up, possibly in expectation of a rebound in Oil prices. But testing trend-line here.

CHARTBOOK June 05, 2017

FASANARA CAPITAL Chartbook

THINGS TO WATCH

Yield curves visibly flattening in the US and Europe. Historically correlates to weakness in aggregate demand (and recession risks). Therefore also correlates to commodity weakness.

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