Tuesday, January 06, 2015

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.
  • Not looking good now that it has fallen below long term support of $25.00
  • DBA still listed as neutral.

Aluminum: JJU
  • JJU continues to fall on the daily chart.
  • JJU is being listed as short.

Coal: KOL
  • Possible bottom forming on daily and weekly charts at $14.00 to $14.20. 
  • It's holding well to my descending red channel on the daily chart at support of $14.20. A little relief is possible but this looks poised to fall. I will continue to watch closely.
  • KOL is listed as a neutral.

Coffee: JO
  • I'm still listing this as a short regardless of it's recent break. It hasn't been able to break back into the large ascending blue channel. 
  • This is just a continuation pattern for it's continued fall. A larger descending red channel should appear after this.
  • JO is listed as a short.

Commodities: DBC
  • The expected reprieve from agricultural stocks and oil prices did not materialize. 
  • The decline is accelerating.
  • DBC is listed as a short.

Copper: JJC
  • New diagonal support line put in around $32.00 on the weekly chart.
  • Large declining channel on the daily chart that started in late July is as strong as ever.
  • JJC listed as short.

Corn: CORN
  • EMA's are bullishly configured on the daily chart and above the MA(144). 
  • EMA(13) still above EMA(34) on the daily chart which is bullish.
  • 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
  • I'm backing off of cotton a little since my proposed ascending blue channel has collapsed. EMA(13) has gone back below EMA(34) but still well above support at around $40.00.
  • Listed as a short. Apologies for this flip-flop but a declining triangle has emerged. 

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 short signal is being issued. This has also been changed but USO continues to astound and amaze me. Feels like 2008 all-over again.

Gold: GLD
  • EMA(13) above EMA(34) on the daily chart along with the EMA(4) above the EMA(9).
  • GLD between $120.00 and $110.00 is a buy and accumulation zone. 
  • I really want to see this test $120.50 in order to see my proposed pattern develop. 
  • Gold is a buy.

Lithium: LIT
  • 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
  • Momentum indicators are beginning to cross over positively. 
  • StochRSI is in the oversold position but KST is still down sharply on the daily chart.
  • 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
  • My ascending triangle on the daily chart is still holding which is a good sign.
  • Boundaries were shown between $16.00 and $14.60 and silver is beginning to show some very positive movements. This is an accumulation zone.
  • Silver is a buy at $14.60 to $16.00 (suspiciously similar to GLD).

Soy Bean: SOYB
  • Long term support at around $19.00.
  • Consolidation zone showed a strong move upwards on the daily chart!!
  • EMA(13) has just moved above the EMA(34) which is a bullish sign.
  • Soy is currently listed as a buy.

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
  • 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 strong short all the way $11.00 and beyond. Let's see if this holds.

Wheat: WEAT
  • 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