Sunday, March 15, 2015

Commodities Report: Daily Charts

I apologize for my absence but the GMC board exam felt much better this time. I will return to my commodities charts with a review of the past week with a look at the upcoming week. Precious metals (GLD, SLV, PALL, PPLT) look like a speculative buy after their six week fall. I want to see GLD firm up a little more solidly around $110.00 before I start thinking it's a long term buy.  

Agriculture: DBA
  • DBA still listed as a short/sell.
  • Agriculture looks like it's breaking down from the descending red channel. Not good!

Aluminum: JJU
  • JJU is still listed as a short/sell
  • JJU is still stuck in the lower half of the declining red channel and has been for some time. Support has been put in at $17.00 and appears ready for an imminent breakdown. 

Coal: KOL
  • Daily chart shows KOL as a short/sell
  • Bearish crossover on the EMA's and a new upper resistance level has been added to the larger red declining red channel.

Coffee: JO
  • JO remains a short/sell on the daily charts. 
  • I don't know where the lower channel line will be so it's a little arbitrarily placed at this point. Support looks good at $22.50.

Commodities: DBC
  • DBC is listed as a short/sell.
  • We are coming up on my support of $16.60 but the momentum indicators are suggesting that this won't hold. Please look to the lowermost channel as a guide of where this may go.

Copper: JJC
  • JJC listed as a speculative buy on the daily charts. 
  • Can someone else explain this to me? One of the prime indicators for global economic health is looking, well, kind of healthy. 
  • EMA's have made a bullish crossover, albeit far below the MA(144) still. 
  • Copper is going to have to be watched closely.

Corn: CORN
  • CORN has been switched to a short/sell.
  • EMA's are crossing over the MA(144) which is very bearish.

Cotton: BAL
  • Listed as a speculative buy/long
  • I'm sensing a strong turnaround for cotton here in the chart and have upgraded it's status. Momentum looks quite strong where another move above the last descending channel resistance line might be seen.

Crude Oil: USO
  • A sell/short signal is now issued.
  • Greenspan was on CNBC saying that the fall in oil is not over and I'd have to agree. I published an article on this about ten days ago but I still maintain my belief that crude oil is destined for $30 to $35.00. 
  • Some of my longer term indicators are poised to cross downwards again.

Gold: GLD 
  • Gold is now a speculative buy on the daily charts.
  • GLD has not yet comfortably settled at $110.00 so a small further decline is expected.

Lithium: LIT
  • Lithium is still listed as a speculative short on the daily charts.

Livestock: COW
  • COW is listed as a short on the daily charts and still quite precariously positioned near the last resistance level.
  • I think the time for a renewed breakdown is upon us as no meaningful advance has occurred.

Natural Gas: UNG
  • Natural gas is listed as a short/sell.
  • There is no reason for natural gas to fall except that I feel it is following crude oil. 
  • I've drawn in some new resistance levels to watch that show a series of lower highs (bearish).

Palladium: PALL
  • Palladium is listed as a speculative buy.

Platinum: PPLT
  • Platinum is still listed as a speculative buy at the moment.

Silver: SLV
  • Silver is a speculative buy.

Soy Bean: SOYB
  • Soy is still a short/sell.
  • We are approaching support at $19.30 and $19.10. 
  • Momentum on longer term charts is starting to look positive so a more permanent breakout over the next three months is possible. 

Steel: SLX 
  • Steel is still listed as speculative short.
  • The EMA's are suggesting that $31.00 will not hold.

Sugar: SGG
  • Sugar is being switched to a short/sell on the daily charts.
  • A little lateral consolidation is likely in the near term for sugar.

Timber: CUT 
  • CUT is listed as a long term buy
  • Timber is retracing some heavily over-bought conditions and is now sitting just above $24.60. Things will be interesting when they reach the lower blue support line. In a weeks time CUT will need to be watched very closely.

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

Wheat: WEAT
  • Wheat is neutral on the daily chart. 
  • The breakdown of the $10.65 level made me feel quite pessimistic about wheat but looking at the longer term momentum charts so some strong divergence is developing. Best to stay on the sidelines and watch.

Jakob Richardson © 2015