Thursday, May 29, 2014

Daily Commodities Report: Evening Edition

Coal: KOL
Looking at the hourly chart it might be difficult to see this continuing to decline, but two breaches were already made in the channel on the 27th. Turning our attention to the daily chart contact should be made with the lower band somewhere around $18.50 in the next few trading sessions.

Coffee: JO
Similarly JO has also been a little difficult to follow lately. I had to widen the channel a little to accommodate this morning's rise. On the daily chart JO has been trading nicely between $34.00 and $42.00. Some commentators, such as trading channels, think that this won't hold and I'd have to agree. Some time will be spent in this lower band before a break is made but it is hard to say where exactly it's going to go. Let's monitor closely over the next few days.

Copper: JJC
Nothing new to report on JJC since this morning.

Corn: CORN
Nothing new to report on CORN since this morning.

Crude Oil: USO
Nothing new to report on USO since this morning.

Gold: GLD
Nothing new to report on GLD since this morning.

Silver: SLV
Nothing new to report on SLV since this morning.

Lithium: LIT
Nothing new to report on LIT since this morning.

Natural Gas: UNG
UNG continues to 'crest' but is in a bit of an "over-bought" stage at this point. The channel has been heightened a bit to include this morning's open.

Palladium: PALL
Nothing special to report! The telegraph reported a day or two ago that strikes in South Africa are now entering their 18th week which looks very coincident with the incline we have been observing.

Sugar: SGG
Up 1.74% at the time of writing - I was expecting a little pause. In any event I'll take it!!

Uranium: URA
Is this a breakout? Two closes outside the band so I'd be inclined to say. Remember that I issued a "buy" on the 27th so I hope my readers have taken advantage. If this is the transition to a new channel it'll only be up!