Thankfully I've spotted the larger red downward channel that we are now firmly a part of and quite predictably a bounce took place on the lower most channel line. It's current inner blue channel uptrend looks a little too narrow so this blue channel may widen before finally falling back after touching the upper limit line.
Commentary appears in the image. I am very surprised to see it continue rising but our at least we know what the overall trend is. Calls will appear where appropriate.
KOL broke through my green line at which point a "buy" was issued and has since refused to let up. At the time of writing it has settled at the resistance set by a high in late April. Some of its recent bullishness might have something to do with an Australian/Indian coal deal that will be the largest of its kind. It could also mean that my red descending channel was just a temporary trend while it's recent climb now widens the original blue ascending channel. A break above today's point will clarify the picture to this. Listed as "neutral."
JO has had a good run too recently. I called a "buy" when it broke out from its inner red channel but now finds itself approaching a resistance point that was resistance in the previous cycle. If there are profits I'd take 50% of them and then gradually reduce as it rises to $37.00. It might continue on after pausing and then widening so let's continue wathcing this.
DBC does not look 'happy.' At the time of writing it is clinging for dear life on the border of my proposed ascending channel. My "buy" remains but I need some validation after this ascending channel widens a bit.
Some money was hopefully made when it broke out of it's current descending channel but I am now listing as a "sell/short" as this inner channel has simply widened. Let's return to whether we buy this again when it gets to $38.75 (there is only one previous tap on the channel limit line so the answer will probably be 'yes,' but as I said we will examine the issue again when it's closer to that price). Sorry for the muddled picture but a clearer one has emerged.
Comments appear within the image.
Commentary appears within the image.
Crude Oil: USO
USO is listed as a "sell/short." Clearly international events are not playing the significance initially perceived as demand has been met comfortably. I am going to need to follow this closely too as an apparent inflection point has been reached.
Presented without comment ("sell/short")
My "sell/short" recommendation remains as I feel a sell-off is building up. Daily charts for LIT are not looking positive.
Near term weakness still seems evident in the chart but in the medium term I forecast another ascending channel to begin. A larger blue ascending channel may appear once the immediate term volatility resolves itself. Probably best to stay "neutral."
Natural Gas: UNG
UNG has firmed nicely on the lower most channel line. The question on my mind for the last two weeks has been, "where from here." One possibility is a proper bounce as we observed in May, a second being a trend taking on the approximate slope of the larger blue channel which would only take us to about $22.50 before declining again, or the third possibility of a complete breakdown. I'm leaning towards the second option, but only weakly.
Presented without comment.
Still a weak "sell/short." The declining channel has been widened is all. PPLT will breakout above $149.00 in the medium term and has taken on a morphology similar to GLD and SLV.
Presented without comment.
Soy Bean: SOYB
SOYB's current weak ascending channel is holding. Still a "buy."
I listed SGG as a "sell/short" yesterday with my forward looking red arrow and today prices fell 2.23%. Resistance is at $49.00.
Not much to say except everything looks good so far! My "sell/short" may have been a little early but near term weakness is evident, medium term however looks great!!
Jakob Richardson © 2014