RunningAlpha Upgrades Commodity Markets Update to Priority List LIGHT CRUDE OIL FUTURES NYMEX:CL1! runningalpha RunningAlpha dot com Capital Markets Intelligence High Priority Update for Monday, May 2nd, 2016 Although $39 and $36.50 remains baseline intermediate to long-term support for Light Crude Oil0.00%% ( in reference to June Contract Pricing ), the recent advance upwards has opened the door for a further short covering rally upwards to $62 to $65, and perhaps $74 to $76 levels if on a spike. Bullish window for buying on dips extends into at least June period -- this also applies to Brent Crude. Russian Stock Market ( $RSX ) looks bullish during this period. Oil and Gas Drilling stocks will likely continue higher on balance -- particularly a core position in stocks like $PBR.A would be sensible, which should also benefit from a continued bullish run in Brazilian Equities ( which I expect Brazilian equities should trend higher into the summer, and again later in the fall to close out the year much higher ). Among many other equities in Latin America, $ARCO and $KOF also have a strong bullish bias with sentiment conviction windows extending into foreseeable future. Other Commodity Markets showing very significant sentiment strength going forward are in the Agricultural complex -- Soybean, particularly Soybean Meal0.00%% $SOYB, Rice, Corn0.00%% $CORN, Cotton $BAL and Coffee0.00%% ( $JO is ETF0.00%% -- when above $18.02 and especially when trading above above $19.00, then $27 is interim target ), and even wheat0.00%% to some degree. Equities that would benefit from a rise in these commodity markets should have a tail-wind. Silver0.00%% and Gold0.00%% stocks , which RunningAlpha.com has been bullish on for a few months now, still shows signs of strength on pullbacks. Sourced from premium sentiment conviction list on RunningAlpha dot com