Monday, December 01, 2014

Commodities Report: Daily Charts

Agriculture: DBA
  • 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.

Aluminum: JJU
  • 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.

Coal: KOL
  • 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: JO
  • 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.

Commodities: DBC
  • 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.

Copper: JJC
  • 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: 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
  • 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.

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.
  • After today the EMA(13) took a big move towards the EMA(34)
  • 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 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.

Natural Gas: UNG
  • 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.

Palladium: PALL
  • Currently at resistance with a possible retracement to about $75.50.
  • EMA(13) crossed above the EMA(34) today.

Platinum: PPLT
  • Platinum is being changed to neutral after today's optimistic climb and the development of a possible bottoming patter.

Silver: SLV
  • 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: 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.
  • Today it remains at support right on $40.00 and barely hanging on. Watch this level.
  • Sugar is listed as a short.

Timber: CUT
  • Timber is still a buy.
  • Watch resistance at $25.20 with tight stops.

Uranium: URA
  • 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: WEAT
  • 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

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