Agricultural's (DBA, WEAT, CORN and COW) are looking surprisingly strong and on the daily charts I've issued a 'buy' signal as a result. I continue to maintain my medium term forecast of weakness in the precious metals (GLD, SLV, PALL and PPLT) which will probably make the near term strength a little confusing. On the GLD chart I have tried to show where a "head and shoulders" pattern is emerging. Some commentators think it could return to $950. Additionally the bear rally in crude oil (USO) is coming to end. A renewed decline should be expected with the bottom in 2009 of $20 a barrel a distinct possibility. The corollary of this is that natural gas (UNG) will follow crude oil. Glancing at the monthly charts for UNG I noticed that the KST indicator just crossed downwards! Globally natural gas is being diversified as much as possible due to excess in places like Australia and U.S.
- DBA still listed as a buy/long.
- JJU is still listed as a short/sell.
- Daily chart shows KOL as a speculative buy.
- EMA's have made a bullish crossover.
- JO has been switched to a short/sell on the daily charts.
- DBC is listed as a speculative long/buy.
- Very close to the final resistance channel line.
- JJC listed as neutral on the daily charts.
- CORN has been switched to a long/buy.
- Listed as a speculative short.
- 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 sell/short signal is now issued.
- Gold is now a speculative buy on the daily charts.
- Is a head-and-shoulders pattern emerging?
- Lithium is still listed as a speculative short on the daily charts.
- COW is listed as a speculative buy on the daily charts and still quite precariously positioned near the last resistance level.
- Some really nice divergences are still being seen on the MACD supporting an upward movement.
Natural Gas: UNG
- Natural gas is listed as a short/sell.
- Palladium is listed as a neutral.
- Support at about $78.50 and resistance at $82.00.
- Platinum is still listed as a speculative buy at the moment.
- Silver is a speculative buy.
Soy Bean: SOYB
- Soy has been changed to a neutral.
- We are approaching upper resistance at around $20.70.
- Steel is still listed as speculative short.
- The daily charts are looking really good. EMA's have crossed over and upper resistance is estimated at around $40.25.
- Sugar is being switched to a short/sell on the daily charts.
- CUT is listed as a long term buy.
- All the indicators are still over-stretched so my downward arrow is simply indicating the possibility of some retracement.
- Uranium is a strong short/sell.
- Wheat is a speculative buy 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