Friday, February 20, 2015

Commodities Report: Daily Charts

I've misread precious metals. Some have broken critical support lines when I figured the recent strength would mean a bounce up. I continue to advise a short on palladium, but platinum, silver and gold are not looking too hot at the moment.

Agriculture: DBA
  • DBA still listed as a speculative buy.
  • A bounce is likely to be observed which is why I think this speculative, but still holding above $22.90 which is good. Let's wait to see what happens when it breaks the red channel which is still some time off.

Aluminum: JJU
  • JJU is still listed as a short
  • We've had a small bounce off of $17.00 but have very tight stops set up, please.  

Coal: KOL
  • Daily chart is poised to breakout so at least on the daily time-frame I'd treat it as a speculative buy. EMA's are also looking to crossover which is a bullish setup.

Coffee: JO
  • JO has been switched to a speculative short on the daily charts.
  • We had a break below $29.00 earlier in the week which means the next stop is the lower resistance line of the larger red declining channel.

Commodities: DBC
  • DBC is listed as a speculative short.
  • We've had a good run so far but I now expect a bit of a retracement while we see whether a bottom is actually being put in.
  • The recent 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 speculative short on the daily charts.

Corn: CORN
  • CORN has been switched to a sell/short.
  • All the EMA's are poised to cross downwards.

Cotton: BAL
  • Listed as a speculative short
  • Cotton was listed as a neutral while it approached the red resistance line which it has since blasted through. Excellent long term signal.
  • I expect a retracement while it stays above the red support line.

Crude Oil: USO
  • A speculative short signal is now issued.

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. 
  • According to my weekly charts we are closing in on my projected support of $116.00. This is going to be a phenomenal buy area.

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).
  • Resistance at around $12.00.

Livestock: COW
  • COW is  listed as a speculative buy on the daily charts and still quite precariously positioned on the last resistance level.

Natural Gas: UNG
  • Natural gas is listed as a buy.
  • Resistance placed at $17.00.

Palladium: PALL
  • Palladium is listed as a speculative short
  • All EMA's are bearishly aligned and I am not seeing a lot of encouraging movement at the moment. Support at $73.00.

Platinum: PPLT
  • Platinum is still listed as a neutral
  • Three days ago a break below $114.00 happened which doesn't signal upward movement! We may have witnessed a false breakout.

Silver: SLV
  • Silver is a neutral
  • I want to see a convincing bounce off of $15.20.

Soy Bean: SOYB
  • Soy has been changed to a neutral.

Steel: SLX 
  • Steel is still listed as speculative buy.
  • The daily charts are looking really good. EMA's have crossed over and upper resistance is estimated at around $40.25.

Sugar: SGG
  • Sugar is being switched to a neutral on the daily charts.
  • A lower high has just been put in which is not a positive development. 
  • I don't expect $36.00 to hold.

Timber: CUT 
  • Cut is listed as a long term buy
  • All the indicators are a little over-stretched so my downward arrow is simply indicating a possibility of some retracement.

Uranium: URA
  • Uranium is a speculative buy to about $11.40.

Wheat: WEAT
  • Wheat is a neutral on the daily chart. 
  • A bounce off of resistance at $11.65 was expected and occurred within two cents!
  • Let's see if support at $10.65 holds, otherwise this was a channel widening exercise and a further fall will occur (I've tried to show what this larger downward channel might look like.



Jakob Richardson © 2015

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