Natural Gas: UNG
- Excellent day today.
- Still above the dotted support line but within the larger declining red channel.
- EMA(13) may move above EMA(34) imminently.
- I would like to see two closes outside the red channel for me to feel more optimistic about it's long term direction.
- DBA still listed as neutral.
- Another rising support for this commodity which should be found at $19.40.
- Support was found today at the MA(144).
- EMA's bearishly crossing over with both in close proximity to the MA(144).
- JJU is being listed as neutral.
- I drew resistance at $17.20 and we've had a retracement since then since coming into contact with resistance on the far channel line.
- Very bearish gap down today.
- Support at around $15.20.
- KOL is listed as a short.
- Coffee is the midst of breaking down as well and the trend seems to be running out of steam.
- Watch support at $34.25
- JO is listed as a short.
- The daily chart is not much use to us here given crude oil's fall.
- The close outside the Keltner channel on Friday had the typical effect of bouncing back today.
- I will not be satisfied until the lower support line of the channel has been met.
- DBC is listed as a weak short.
- Support on the lower channel line was found at around $34.40 after closing outside the Keltner channel.
- Let's see if a bottoming patter develops.
- JJC listed as neutral.
- 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.
- Looking at BAL with fresh eyes cotton is looking more and more hopeless.
- I will not be interested in BAL until I see a bullish realignment of the EMA's.
- The MA(144) continues to close in.
- Hasn't moved below $40.00 which is a sign of support.
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.
- After today the EMA(13) took a big move towards the EMA(34)
- 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 which I would consider bullish.
- Support at the MA(144) today.
- 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 there was another big drop today.
- 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 was listed as a short on Friday.
- Currently at resistance with a possible retracement to about $75.50.
- EMA(13) crossed above the EMA(34) today.
- Platinum is being changed to neutral after today's optimistic climb and the development of a possible bottoming patter.
- Boundaries were shown $16.00 and $14.60.
- Today I think was silver's best day in 25 years.
- Still within boundaries.
- Silver is a buy at $14.60 to $16.00.
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.
- Today it remains at support right on $40.00 and barely hanging on. Watch this level.
- Sugar is listed as a short.
- Timber is still a buy.
- Watch resistance at $25.20 with tight stops.
- Resistance was found at the MA(144) in mid-November.
- Buy at $12.50 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.
- Today was a phenomenal move for WHEAT climbing 4.30% and almost reaching resistance.
- Take profits at this level. Movement above MA(144) will happen but after a modest retracement.
- Resistance at $13.25.
Jakob Richardson © 2014