Thursday, May 22, 2014

Daily Commodities Report

Coal: KOL
KOL remains largely unchanged from yesterday. MACD and TRIX signals may be signalling beginning of upward momentum.

Coffee: JO
Downward channel confirmed which happens to be quite steep and narrow. First resistance at $35.50 has already been breached. As of the writing of this it has now had a close above the this resistance line and gone marginally above the upper most line in the channel, but I think this just means the channel will widen while it travels down to around $34.00 over the coming sessions.

Corn: CORN
Largely unchanged from yesterday. Continue to monitor movement towards upper channel at about $32.82.

Crude Oil: USO
After yesterday's pop, as predicted, USO has been moving horizontally along the channel. Still some time before it'll come into contact with the furthest-most channel or bounce off of $37.80.

Natural Gas: UNG
Strong momentum down in a downtrend. We could be witnessing the start of a new channel, although it is currently outside its current one I think it is just a progression of the low put in place on the 18th. This channel should hold.

Gold: GLD
Largely unchanged and nothing of significance to report.

Lithium: LIT
Instead of bouncing off of the upper channel, lithium opened the day rather happy! My renko indicators have switched up so I think this is a new channel. Let's see what kind of channel forms because it is still early. A modest allocation would not be ill-advised because on the MACD and TRIX we do have upward momentum in an uptrend. 

Palladium: PALL 
Recently added, PALL has been in a great upward channel. It should eventually breakdown at some point as we already have four taps on the lower resistance line.

Silver: SLV
Silver is largely unchanged from yesterday and so far nothing new of significance to report.

Sugar: SGG
Sugar continues to disappoint me as this is the only thing I have money in at the moment! The RSI(5) indicator might be putting in a higher low signalling the start of a change in momentum. TRIX and MACD continue to show downward pressure, but at least the signal lines are converging meaning a cross should take place tomorrow or Monday.

Uranium: URA
There's an extremely tenuous grasp of resistance at around $14.00 today. I do not expect movement downward however. Daily charts (spoiler alert) allude to movement up from here and I renew my buy signal for URA at this point.