I had my board exam on Wednesday with another one next Friday so I haven't been able to update the blog as much I would like. The market is looking supper "toppy" right now. Below is a chart from friend at TradingChannels.co.uk. Weekly charts and recommendations will follow over the weekend.
- DBA was looking so good but my indicators (MACD, StochRSI and KST) are showing signs of a continuing downward trend.
- Support with the dotted line at about $26.50 but if that fails (and it appears so) the slope of the overall channel is shallow enough that it can continue falling.
- DBA is being listed as neutral.
- Another rising support for this commodity which should be found at $19.40.
- EMA's bearishly crossing over with both in close proximity to the MA(144).
- JJU is being listed as neutral.
- I drew resistance at $17.00 and we've had a retracement since then.
- KOL is listed as a short.
- Coffee is the midst of breaking down as well.
- JO is listed as a short.
- The daily chart is not much use to us here given crude oil's fall. More shall be learned when the weekly chart is posted.
- Catastrophic fall today.
- Thankfully support on the lower channel line is imminent at around $34.40.
- Corn is looking nice. Modest retracement when it hit $26.90.
- EMA's are bullishly configured and closing in on the MA(144).
- CORN is listed as a buy.
- Still neutral about cotton.
- Let's see what happens if and when the EMA(13) crosses over the EMA(34).
Crude Oil: USO
- A short was listed back on November 10th and that listing has not changed.
- A stated a week or so ago that a retracement would take place at the EMA(34) which is exactly what has transpired.
- Gold is a buy on it's decline to $110.
- Lithium was listed as a short on November 17th and it remains unchanged.
- I'm hearing troubling things out of the livestock market such as record low numbers of heifers for next year.
- Chart is not looking happy and I would say that it's a short if it calls below $31.70.
- Winter storms are forecast but today was quite a drop.
- I'd like to see the EMA(13) bounce of off the EMA(34) before I get excited again.
- Long term MACD's are about to cross downward along with KST.
- Natural gas is listed as a short.
- Currently at resistance with a forecast retracement to about $75.50.
- Platinum was listed as a short on November 1st and the listing is left unchanged.
- Boundaries were shown $16.00 and $14.60.
- Silver is a buy at $14.60 to $14.70.
Soy Bean: SOYB
- Support at $19.00.
- Soy is currently listed as a short.
- Steel was listed as a short on November 12th and that listing has not changed.
- A series of lower highs has taken place. My optimism in sugar has been misplaced.
- Sugar is listed as a short.
- Timber is still a buy.
- Resistance was found at the MA(144).
- Buy at $12.40 unless the decline continues in which case short all the way $11.20.
- Wheat was listed as a buy on November 17th and that listing as not changed.
- Resistance at $13.25.
Jakob Richardson © 2014