Thursday, February 05, 2015

Commodities Report: Daily and Weekly Charts

Agriculture: DBA
  • DBA still listed as a short.
  • Hasn't yet hit the lower resistance line but it's getting there! 
  • A pause is quite evident on the daily chart, but glancing at the weekly chart and you get an idea of how much further we have to go. 

Aluminum: JJU
  • JJU is still listed as a short
  • The 'channel widening exercise' continues. Resistance is currently $18.50. Please don't be fooled.
  • We've had a small bounce off of $17.50 but have very tight stops set up, please. 

Coal: KOL
  • KOL is listed as a neutral. We should see a bounce on the weekly chart to the opposing channel line, but after that I'm not sure what will happen. My guess it will continue downwards and contact the dotted blue line eventually.

Coffee: JO
  • JO is listed as a speculative buy on the daily charts.
  • MFI showed an excellent entry right at the New Year coincident with an end to a slow stochastics cycle. Since then it's held nicely at $29.90.
  • The weekly charts leave a lot to be desired - it's currently in the middle of nowhere which is leaving me a little puzzled. Ideas?

Commodities: DBC
  • DBC is listed as a neutral.
  • My trend-lines on the daily stochastics are so low it's difficult to say when a break has occurred.Additionally the EMA's are converging nicely.
  • This upward move is supported by the MACD and KST indicators. Let's monitor how solid this floor is at $17.00. The weekly chart is showing a nice break up from our steep downward channel.

Copper: JJC
  • JJC listed as speculative buy on the daily charts. The breakdown from it's earlier downtrend may have come to an end.
  • A bounce on the weekly charts of the lowermost channel line was called and has now occurred. You could continue take advantage of this, but please be careful. It is in a downward channel that hasn't changed since 2011. 

Corn: CORN
  • CORN is listed as a buy on the daily charts.
  • A strong turnaround may be unfolding on the weekly charts, too. Please put CORN on your watch-list.

Cotton: BAL
  • Listed as a short.  
  • Please be aware that a buy opportunity in the coming six weeks could be developing. 
  • The close proximity of all the MA's and EMA's is a good reason to be watching BAL.

Crude Oil: USO
  • A speculative buy signal is being issued but we are approaching a resistance point on the daily charts.
  • Our current bounce is quite evident on the weekly charts but I expect resistance at $21.50.

Gold: GLD 
  • Gold is now a speculative short on the daily charts. The 'pause' that I have called for in GLD is still happening. The EMA(34) is trailing quite far behind it's current price and I would like to see it catch up before moving on. It is now above the MA(144) which is a huge development.

Lithium: LIT
  • Lithium is still listed as a buy on the daily charts. EMA(4), (9) and (13) are all about to cross the EMA(34).
  • It remains solidly above $10.80 which is quite positive.

Livestock: COW
  • COW is still listed as a short on the daily charts and quite precariously positioned on the last resistance level.
  • On the weekly charts we are still not at $25.50. 

Natural Gas: UNG
  • Natural gas is listed as a short.
  • While I was away a critical support at $14.00 was breached. It's only a matter of time until the lower channel line is reached. This decline looks it could continue into late February/early March according to the charts. 

Palladium: PALL
  • Palladium is listed as a long-term short
  • EMA(9) is imminently about to cross over the EMA(13) on the daily chart. Both are closing in on the MA(144) and although it may reach the MA(144) I don't believe it will cross.
  • The weekly chart shows that there is still a little distance to go.

Platinum: PPLT
  • Platinum is still listed as a speculative buy
  • Accumulation between $114.00 and $125.00 should be made at any and all opportunities.  
  • The weekly chart showed my upper resistance level at $125.00 nicely.

Silver: SLV
  • Silver is a speculative short. It too has approached a critical resistance level so profits should be taken.
  • I like the long term outlook for silver. Please wait for a buy signal in the coming week or two. 

Soy Bean: SOYB
  • Soy has been changed to a short all the way to about $19.00 (an beyond).
  • Large declining channel has now been illustrated for your convenience.

Steel: SLX 
  • Steel is still listed as neutral.

Sugar: SGG
  • Sugar is listed as a neutral. A bottom looks like it's going in!

Timber: CUT
  • Upper resistance is rapidly approaching on the daily chart at $25.40.
  • Timber is still a strong short to $23.40.

Uranium: URA
  • Uranium is a strong short all the way $6.00 and beyond.
  • Now that I'm using the slow stochastics (60,3) indicator I can't begin to tell you how long it looks like this decline might take but it looks like about a year. 

Wheat: WEAT
  • Retracement towards $10.60 was foreseen and has taken place like clock-work. 
  • Wheat is a speculative buy on the daily chart. 
  • A bounce off of $10.65 is expected.

Jakob Richardson © 2015