Tuesday, January 13, 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 changed to a short.

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

Coal: KOL
  • KOL has broken below the critical $14.20 support. Placed in the middle of the large descending channel means this has a lot of room to continue falling.
  • KOL is now as a short.

Coffee: JO
  • Sorry, but the recent agricultural reports coming in on coffee global stocks blindsided me. I don't have the time I used to to be able to follow this closely.
  • JO is listed as a buy.

Commodities: DBC
  • The expected reprieve from agricultural stocks and oil prices did not materialize. 
  • The decline is accelerating and my call back in September has not changed.
  • DBC is listed as a short.

Copper: JJC
  • Critical support at $32.00 was broken. My call in late December on shorting copper has not changed.
  • Decline is now accelerating after today's move.
  • JJC listed as short.

Corn: CORN
  • Please take profits on CORN
  • EMA's have all crossed and are headed downwards. In the long term I still like CORN, but now it's time to catch our breath and rejoin CORN once a higher low has formed.
  • CORN is listed as a neutral.

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.
  • I can't keep up with this decline.
  • A short signal is still issued. USO continues to astound and amaze me. Feels like 2008 all-over again.

Gold: GLD
  • We've now had a breakout of the large declining red channel two days ago. Resistance is still at about $120.50.
  • 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 now a strong buy.

Lithium: LIT
  • EMA(4) right at the EMA(9) on the daily charts.
  • We've also seen a series of higher lows on December 18th and then again first week of January. 
  • Lithium is changed to neutral.

Livestock: COW
  • Livestock was listed a strong short on the weekly charts and the daily charts are now reflecting this.

Natural Gas: UNG
  • We had a great engulfing pattern today with 5.36% climb after yesterdays 4.60% fall.
  • The XNG natural gas index was reported in an article on CNBC as having a 19% return over the last 20 years between the months of February and June. 
  • Natural gas storage levels are still below the five year average.
  • Momentum indicators are beginning to cross over positively. 
  • Natural gas is listed as a speculative buy. 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 is still predicted. 
  • 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
  • Close today outside of declining channel which is a bullish sign. 
  • The daily chart is showing a bullish convergence of the EMA(13) above the EMA(34). Possible bottom at $114.50.   
  • EMA(4) has moved above EMA(9).
  • Platinum is still listed as a speculative buy.

Silver: SLV
  • A bounce off of $16.50 is possible. I'd like to see two closes above this before I get excited but SLV is showing some very interesting moves.
  • My ascending triangle on the daily chart is still holding which is a good sign.
  • Boundaries were shown between $16.40 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
  • Support broke today in a very disconcerting development.
  • Soy has been changed to a short all the way to about $19.00.

Steel: SLX 
  • Listing hasn't changed but SLX is currently clinging to support at the moment. I want to see a higher low develop before this call is repealed.   
  • Typical bottom formation pattern developing. I think resistance will appear around $37.50.
  • Steel was listed as speculative buy.

Sugar: SGG
  • Odd! The EMA(4) has moved above the EMA(9) and the critical EMA(13) and (34) are converging.
  • Sugar is listed as a neutral.

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

Uranium: URA
  • Head and shoulders pattern has come to fruition.  
  • Uranium is a strong short all the way $6.00 and beyond.

Wheat: WEAT
  • Retracement towards $10.60 is foreseen. 
  • Wheat is a short on the daily chart.


Jakob Richardson © 2015