Friday, December 12, 2014

Commodities Report: Daily and Weekly Charts

Agriculture: DBA
  • Below the dotted support line but within the larger declining red channel.
  • I would like to see two closes outside the red channel for me to feel more optimistic about it's long term direction.
  • EMA(13) is still tracking below the EMA(34)
  • Weekly chart is not looking strong and appears it has further to fall
  • DBA still listed as neutral.


Aluminum: JJU
  • Another rising support for this commodity which should be found at $18.40. 
  • EMA's bearishly crossing over with EMA(13) below EMA(34), both of which are now below MA(144) on the daily chart.
  • JJU has moved below a diagonal long term support line.
  • A sell should have been placed on the weekly chart about three weeks ago after coming into contact with upper resistance at about $21.25. EMA(17) imminently about to move below EMA(43).
  • JJU is being listed as short.


Coal: KOL
  • On the weekly chart a sell/short was issued four weeks ago and that listing has not changed.
  • KOL is listed as a short.



Coffee: JO
  • Coffee is the midst of breaking down.
  • Watch support at $32.00 and after that $30.25 on the weekly chart but it doesn't look like it's going to hold. EMA(17) is converging with EMA(43).
  • JO is listed as a short.


Commodities: DBC
  • Commodities are currently in a meltdown. A sell signal on the weekly chart was issued back in August and that listing has not changed.
  • I have no idea where the bottom for this is going to come.
  • DBC is listed as a short.


Copper: JJC
  • On the weekly chart a convincing move outside the downward channel has not taken place so buy signal has been deleted.
  • New diagonal support line put in around $32.00 on the weekly chart.
  • JJC listed as short.


Corn: CORN
  • EMA's are bullishly configured on the daily chart and closing in on the MA(144). 
  • I want to see two convincing closes above the resistance line at $27.00 on the weekly chart or the EMA(17) getting above the EMA(21).
  • CORN is listed as a buy.


Cotton: BAL
  • Hasn't moved below $40.00 which is a sign of support. 
  • Listed as a speculative buy.


Crude Oil: USO
  • $BPENER index is below 20 meaning this thing horribly oversold.
  • A short was listed back on November 10th and that listing has not changed.



Gold: GLD
  • Evidence for support at $110 and a breakout above a diagonal resistance line on the weekly chart. I want to see the EMA(17) move above EMA(21) before I get really excited.
  • On the daily chart watch for resistance at $120.00.
  • Gold is a buy.


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



Livestock: COW
  • On the weekly chart EMA(17) moving below EMA(21). Support at around $30.00 and $28.40 after that.
  • Chart is not looking happy and I would say that it's a short.


Natural Gas: UNG
  • On the weekly chart UNG has found support at both a long term and short term support zone. Which way will it go? The daily chart is not providing any assistance in this regard. StochRSI is in the oversold position but KST is still down sharply. 
  • Natural gas was listed as a neutral.


Palladium: PALL
  • On the weekly chart a sell signal was issued four weeks ago despite a strong retracement to the EMA(17). I still maintain a sell signal on PALL with support around $74.00.
  • Daily chart looks like a bearish flag. However bullish configuration on the EMA's.
  • Palladium is listed as a short.


Platinum: PPLT
  • The daily chart is showing a bearish deviation of the EMA(13) away from the EMA(34). Possible bottom at $114.50.
  • Platinum is being changed to neutral.


Silver: SLV
  • Boundaries were shown $16.00 and $14.60 and silver is beginning to show some very positive movements. 
  • Silver is a buy at $14.60 to $16.00.


Soy Bean: SOYB
  • Support at $19.00.
  • Still not out of the danger zone yet on the daily chart as a consolidation pattern has developed. EMA(13) is still above the EMA(34) which is bullish. Support at around $20.25.
  • Soy is currently listed as a neutral.


Steel: SLX 
  • On the weekly chart it has met support at $34.50. Indicators are flashing a double bottom.
  • Steel was listed as neutral.


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 short all the way to $22.80 to $22.50


Uranium: URA
  • Uranium is a short all the way $11.00


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



Jakob Richardson © 2014

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