Monday, June 23, 2014

Daily Commodities Report: Two Hour Charts

In my charts as a whole I am sensing a pullback from the sudden rises in some commodities. 

Agriculture: DBA
Presented without comment.

Coal: KOL
I am beginning to see a transition downward.

Coffee: JO
Presented without comment.

Commodities: DBC
Second time is a charm because overbought conditions are evident on the RSI indicator (and have been for a little while when I made my first abortive call on DBC) and my PPO slope signal has turned downward. Because of it's meteroic rise I am little unsure where resistance might appear, but there was a large gap on it's ascent so let's first look to $26.75.

Copper: JJC
JJC also smashed through what I thought would be a solid resistance of $37.40. It has begun to enter 'over-bought' territory and I expect a pull back imminently but I have not yet placed a red arrow because the signal has not been confirmed

Corn: CORN
Presented without comment.

Cotton: BAL
Weakness is appearing on the hourly chart. Currently trending towards the lowermost resistance line of the blue channel. A lot of divergence present with MACD, RSI and PPO. I'm leaning towards a breakdown but no confirmed signals yet

Crude Oil: USO
On this two hourly chart weakness continues to be evident, although I can't fathom why. Nothing in Iraq seems closer to resolution. In the grander scheme this phase is probably just working off over-bought conditions.

Gold: GLD
Working off over-bought conditions.

Silver: SLV
Quite over-bought. Of course a bounce will occur to cool it off, but because of the importance of the recent breakout I think any decline will be very shallow.

Lithium: LIT
Breakdown has begun and the lowermost resistance line of the ascending blue channel was breached this morning.

Natural Gas: UNG
It hasn't entered over-sold conditions yet on the RSI(14) but it's getting there! The ascending blue channel looks like it has breached and it's likely going to the stay that way.

Palladium: PALL
Plateau is possible after it was announced today that the labor strike in South Africa might be resolved as early as Wednesday. I'm not sure this new lower band will hold.

Platinum: PPLT
See above.

Sugar: SGG
Did I call it or did I call it? Touching the uppermost resistance line right now. Perhaps a little retrace and then a breakout. SGG is listed as a "buy."

Uranium: URA
Four taps on the lowermost channel resistance line. This signals a possible breakdown.

Wheat: WEAT
Presented without comment.

Jakob Richardon © 2014