Wednesday, December 24, 2014

Commodities Report: Daily and Weekly Charts

Agriculture: DBA
  • On the daily chart EMA(13) is still tracking below the EMA(34) however the EMA(4) has moved above the EMA(9) which is a postive sign with the stock so close to to upper resistance.
  • Weekly chart is not looking strong and appears it has further to fall although the MACD is showing some modest divergence. 
  • DBA still listed as neutral.

Aluminum: JJU
  • 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 critical horizontal support line on the daily chart.
  • The weekly chart suggests this is going down to $17.40.
  • JJU is being listed as short.

Coal: KOL
  • Possible bottom forming on daily and weekly charts at $14.00 to $14.20.
  • KOL is listed as a neutral.

Coffee: JO
  • On the daily chart my proposed long term ascending blue channel didn't work out and we had a breakdown five days ago. It's holding well to my descending red channel.
  • Watch support at $30.25 on the weekly chart but it doesn't look like it's going to hold.
  • JO is listed as a short.

Commodities: DBC
  • A reprieve in the collapse of oil has shown some support in DBC on the daily chart (along with strong agricultural stocks I might add). It moved outside the descending channel which often signals the "denouement" of a collapse.
  • The weekly chart is hopeless as won't provide any insight for us except it has been outside the larger declining channel for four weeks already.
  • DBC is listed as a neutral.

Copper: JJC
  • We are still above $34.10 on the daily chart so perhaps this will hold.
  • 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 above the MA(144). 
  • My call of a "sell" at the $27.00 resistance level  on the weekly chart was wrong and has been followed by two strong closes above.
  • CORN is listed as a strong buy.

Cotton: BAL
  • Hasn't moved below $40.00 which is a sign of support. Bullish configuration with the EMA(13) moving above the EMA(34) on the daily chart.
  • Listed as a strong buy.

Crude Oil: USO
  • $BPENER index is below 20 meaning this thing horribly oversold. Coincidentally on the daily chart we have the appearance of a bottom forming at around $20.50.
  • Zero Hedge released a fabulous article speculating on the fall of crude oil to around $33.00 based on the historical divergence of crude and natural gas.
  • A neutral signal is being listed because I want to see if this proposed bottom plays out.

Gold: GLD
  • EMA(13) moving below EMA(34) on the daily chart.
  • GLD between $120.00 and $110.00 is a buy and accumulation zone.
  • Gold is a speculative buy.

Lithium: LIT
  • After LIT's calamatous fall it hasn't yet closed below $11.00 on the weekly charts which I think suggests a bottom.
  • EMA(4) above EMA(9) on the daily charts which is the beginning of a bullish call on LIT.
  • Lithium was listed as a neutral.

Livestock: COW
  • On the weekly chart EMA(17) moving below EMA(21) which is bearish.  Furthermore we've had a close outside the support line for the bottom-most channel line.
  • Support at $28.40 on the daily and weekly chart.
  • Chart is not looking happy and I would say that it's a short.

Natural Gas: UNG
  • StochRSI is in the oversold position but KST is still down sharply on the daily chart.
  • The weekly chart shows a breakdown of UNG with support coming in at around $15.70.
  • Natural gas was listed as a short.

Palladium: PALL
  • Daily chart looks like a bearish flag. Fall towards $71.00. 
  • EMA's on the weekly chart are all holding at the same level. PALL is gradually moving towards the final channel support line.
  • Palladium is listed as a strong 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 (suspiciously similar to GLD).

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 imminently about to cross below the EMA(34). Support at around $20.25.
  • EMA(17) and EMA(21) are converging on the weekly chart. 
  • 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. 
  • On the daily chart the EMA(4) and EMA(9) are holding at the same point. Possible beginning of further movement upwards.  
  • Steel was listed as neutral.

Sugar: SGG
  • A series of lower highs has taken place. My optimism in sugar has been misplaced.
  • EMA(13) is still below EMA(34) on the daily chart.
  • Sugar is listed as a short.

Timber: CUT
  • Timber is still a short all the way to $22.80 to $22.50

Uranium: URA
  • We have a higher low on the daily chart with the possibility of second one developing. Let's continue to monitor closely. 
  • Uranium is a short all the way $11.00. Let's see if this holds.

Wheat: WEAT
  • Wheat was listed as a buy on November 17th and that listing as not changed. 
  • Two closes above $13.20 on the daily chart signalling that this breakout is genuine. Currently holding at breakout support level.

Jakob Richardson © 2014