Monday, February 02, 2015

Commodities Report: Daily Charts

I'm back from my PLAB 1 course and plenty has happened in my absence. Today will by daily charts, tomorrow weekly. I've added a new indicator to my repertoire (namely, the slow stochastics set to 60,3 using trend-lines and MFI set to 14) which will better help in identifying places to enter and sell.

Agriculture: DBA
  • DBA still listed as a short.
  • Hasn't yet hit the lower resistance line but it's getting there! There has been a catastrophic drop in my absence. 

Aluminum: JJU
  • JJU is still listed as a short
  • The 'channel widening exercise' continues. Resistance is currently $18.50. Please don't be fooled.

Coal: KOL
  • KOL is a short. My call since January 12th hasn't changed. This still has a long way to go.

Coffee: JO
  • JO is listed as a speculative buy
  • 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 EMA's leave a lot to be desired so let's continue to watch.

Commodities: DBC
  • DBC is listed as a neutral.
  • Great pop today. My trend-lines on the stochastics are so low it's difficult to say when a break has occurred. Having said that, a break occurred today.
  • This upward move is supported by the MACD and KST indicators. Let's monitor how solid this floor is at $17.00.

Copper: JJC
  • JJC listed as neutral.
  • The breakdown from it's earlier downtrend may have come to an end. 

Corn: CORN
  • CORN is listed as a short.
  • Pity that CORN has fallen like this, but a better buy-entry will be setup.

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
  • $BPENER index is still below 20 meaning this thing horribly oversold.
  • A speculative buy signal is being issued.

Gold: GLD 
  • Gold is now a speculative short.
  • 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 neutral.
  • It remains solidly above $10.80 which is quite positive 

Livestock: COW
  • While I was away a nice intermediate bottom on the 20th was signalled however I feel this temporary whereupon it's decline will continue.
  • COW is still listed as a short.

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.
  • The bottom line here is that despite low reserve levels, supply can be added very quickly. The U.S. is swimming in natural gas (apparently).  

Palladium: PALL
  • Palladium is listed as a long-term short
  • EMA(9) is imminently about to cross over the EMA(13), however. Both are closing in on the MA(144) and although it may reach the MA(144) I don't believe it will cross.

Platinum: PPLT
  • Platinum is still listed as a speculative short
  • A 'buy' lsiting will be made in about a weeks time. Platinum appears to be following silver and gold. 
  • Accumulation between $114.00 and $125.00 should be made at any and all opportunities. 

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

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. The bounce will indicate how long the bottom will be.

Jakob Richardson © 2015