Saturday, November 22, 2014

Weekend Commodities Report: Recommendations, Daily and Weekly Charts

Roundup of recommendations based on the weekly charts:
  • Agriculture (DBA) is a weak buy. EMA's not appropriately configured but KST is about to cross over.
  • Aluminum (JJU) a buy. EMA's are looking good and as long as they hold it's a buy.
  • Coal (KOL) is a short. Failure to hold $16.80 will not be a good sign.
  • Coffee (JO) is a short. Improved weather in South America will improve flowering for next year's crop. 
  • Commodities (DBC) is are neutral. The unexpected move by China and the ECB may put a floor beneath commodities which are severely oversold. 
  • Copper (JJU) is still bottoming, support/speculative buy at $35.90
  • Corn (CORN) is a short, support at $22.70 with possibly bottoming pattern
  • Cotton (BAL) is a neutral. We already have two hits on the upper resistance line and and a break out looks imminent. Possible bottom forming. 
  • Crude oil (USO) is a support/speculative buy. A lot of convincing arguments are being made about a turnaround in oil right now. It might still fall a little further but I don't foresee a fall below $28.00. 
  • Gold (GLD) is bottoming and a buy at anything around $110.00
  • Lithium (LIT) is a support/speculative buy, with bottoming pattern at $11.40
  • Livestock (COW) is a buy, but watch out at $33.00.
  • Natural gas (UNG) is a speculative buy based on the cross over of EMA's. I think a bounce off of the EMA(17) in the next week is most likely.
  • Palladium (PALL) is a short
  • Platinum (PPLT) is a neutral. I'm curious to see if a bottoming pattern develops. 
  • Silver (SLV) is a neutral.
  • Soy (SOYB) is a buy at anything near $19.50, but a retracement should take place over the next two weeks or so.
  • Steel (SLX) is a short
  • Sugar (SGG) is a buy with speculative bottom in at $40.00
  • Timber (CUT) is a fantastic short at $24.00
  • Uranium (URA) is a buy with bottoming pattern in a $11.00
  • Wheat (WEAT) is strong buy with possible bottoming pattern at $11.60

Agriculture: DBA

Aluminum: JJU

Coal: KOL

Coffee: JO

Commodities: DBC

Copper: JJC

Corn: CORN

Cotton: BAL

Crude Oil: USO

Gold: GLD

Lithium: LIT

Livestock: COW

Natural Gas: UNG

Palladium: PALL

Platinum: PPLT

Silver: SLV

Soy Bean: SOYB

Steel: SLX 

Sugar: SGG

Timber: CUT

Uranium: URA

Wheat: WEAT

Jakob Richardson © 2014