Wednesday, December 31, 2014

Commodities Report: Daily Charts

Agriculture: DBA
  • On the daily chart EMA(13) is still tracking below the EMA(34) and the EMA(4) has moved below the EMA(9) which is a negative sign.
  • 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.
  • 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.
  • A tentative support was proposed at $18.75 but that appears to be breaking down.
  • DBC is listed as a short.

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.
  • Momentum indicators are showing a possible double bottom formation. I will monitor closely.
  • 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 however the EMA(4) is above the EMA(9).
  • 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) recently moved below the EMA(9) on the daily charts which is the beginning of a daily bearish call on LIT.
  • Lithium was listed as a short.

Livestock: COW
  • Livestock is a speculative buy on the daily chart.

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 is listed as a neutral. I am very certain a bottom is forming as the mean StochRSI indicator is now finally crawling out above the 20 line.

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 bullish convergence of the EMA(13) towards the EMA(34). Possible bottom at $114.50.   
  • EMA(4) has moved above EMA(9).
  • Platinum is being changed to speculative buy.

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 around $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 daily chart the EMA(4) moved above the EMA(9). Possible beginning of further movement upwards.   
  • Typical bottom formation pattern developing. I think resistance will appear around $37.50.
  • Steel was listed as speculative buy.

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

Timber: CUT
  • Timber is still a short first to $23.40, then all the way to $22.80 to $22.5.

Uranium: URA
  • We have a higher low on the daily chart with the possibility of fourth one developing. Let's continue to monitor closely.  
  • Also appears as if a head and shoulders pattern is forming.
  • Uranium is a short all the way $11.00 and beyond. Let's see if this holds.

Wheat: WEAT
  • Support level collapsed with one close below so far.
  • EMA(4) has moved below EMA(9) which is a bearish development, however EMA(13) is still well above EMA(34). 
  • Retracement towards $10.60 is foreseen. 
  • Wheat is a short on the daily chart.

Jakob Richardson © 2014