Friday, November 28, 2014

Weekend Commodities Report: Daily Charts

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 Weekly charts and recommendations will follow over the weekend.

Agriculture: DBA
  • 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.

Aluminum: JJU
  • 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.

Coal: KOL
  • I drew resistance at $17.00 and we've had a retracement since then.
  • KOL is listed as a short.

Coffee: JO
  • Coffee is the midst of breaking down as well.
  • JO is listed as a short.

Commodities: DBC
  • 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.

Copper: JJC
  • Catastrophic fall today. 
  • Thankfully support on the lower channel line is imminent at around $34.40.

Corn: CORN
  • 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.

Cotton: BAL
  • 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.

Gold: GLD
  • 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: LIT
  • Lithium was listed as a short on November 17th and it remains unchanged.

Livestock: COW
  • 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.

Natural Gas: UNG
  • 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.

Palladium: PALL
  • Currently at resistance with a forecast retracement to about $75.50.

Platinum: PPLT
  • Platinum was listed as a short on November 1st and the listing is left unchanged.

Silver: SLV
  • 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: SLX 
  • Steel was listed as a short on November 12th and that listing has not changed.

Sugar: SGG
  • A series of lower highs has taken place. My optimism in sugar has been misplaced.
  • Sugar is listed as a short.

Timber: CUT
  • Timber is still a buy.

Uranium: URA
  • 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: WEAT
  • Wheat was listed as a buy on November 17th and that listing as not changed. 
  • Resistance at $13.25.

Jakob Richardson © 2014