Wednesday, February 25, 2015

Commodities Report: Daily Charts

Agriculture (DBA) is not looking good. Not only has it almost contacted the furthest channel support line but a breakdown from it's long-term downtrend seems imminent. Whenever this happens this usually the end of it's 'death throws.' Additionally, I am stills sensing weakness in precious metals (GLD, SLV, PALL, PPLT). The latest COT reports have really changed my opinion on the matter and looking at gold's long term chart (going back 20 years, that is) we might be witnessing the development of an A-B-C decline.

Agriculture: DBA
  • DBA still listed as a short/sell.

Aluminum: JJU
  • JJU is still listed as a short/sell
  • MFI index has recently shown an overbought status which is ironic since JJU is already in a massive declining channel. 

Coal: KOL
  • Daily chart shows KOL as a speculative buy
  • EMA's have made a bullish crossover.

Coffee: JO
  • JO has been switched to a short/sell on the daily charts.

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 was 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 have crossed downwards.

Cotton: BAL
  • Listed as a speculative buy
  • After the breakout I speculated a retracement towards the support line which sort-of-happened, except now BAL finds itself outside the Keltner channels again. An over-bought sign.

Crude Oil: USO
  • A neutral signal is now issued.

Gold: GLD 
  • Gold is now a speculative buy on the daily charts.
  • Is a head-and-shoulders pattern emerging?

Lithium: LIT
  • Lithium is still listed as a buy on the daily charts. EMA(4), (9) and (13) have all crossed 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.
  • Some really nice divergences are being seen on the MACD supporting an upward movement.

Natural Gas: UNG
  • Natural gas is listed as a speculative short.
  • Resistance placed at $15.00 and $16.50.

Palladium: PALL
  • Palladium is listed as a speculative short
  • Support at $73.00 and resistance at about $78.50.

Platinum: PPLT
  • Platinum is still listed as a neutral
  • Five days ago a break below $114.00 happened which doesn't signal positive or uplifting tidings!

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.
  • We are approaching upper resistance at around $20.70.

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 short/sell on the daily charts.
  • A lower high has just been put in which is not a positive development. 
  • $36.00 didn't end up holding and the downward trend is continuing.

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 the possibility of some retracement.

Uranium: URA
  • Uranium is a strong short/sell.

Wheat: WEAT
  • Wheat is a short/sell on the daily chart. 
  • 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