- JJU is still listed as a short/sell.
- Great day today for JJU which saw a rise of 6.77%.
- EMA(9) and EMA(13) are converging on the EMA(34). I want to see a solid break above it before I become cautiously optimistic.
- JO is now a speculative long/buy.
- I recently saw a report that the dry season in Brazil (one of the world's foremost coffee growing regions) started early this year. We are seeing a weak ascending triangle with higher lows and an imminent break out of it's long term declining channel.
- DBC is listed as a long/buy.
- Given everything that is happening in the world I'm fairly pessimistic of commodities, but I can't fault it's recent emergence from it's declining channel.
- EMA's are all about to cross upwards although still below the MA(144).
- Both medium and near-term KST indicators crossed over at the same time.
- Resistance is in at around $18.25.
Crude Oil: USO
- A long/buy signal is now issued.
- Both short and medium term KST indicators have crossed over bullishly.
- I opened a position last night and was happy to sell when it was up 3% this afternoon only to have it continue up to 6%!
- Resistance is in at around $20.00 at which point a retracement will take place.
- Please continue to watch USO skeptically.
- GLD is a speculative short/sell on the daily charts.
- EMA's are all aligned to crossover the MA(144) which is good but I have detected a diagonal resistance line at around $115.00 which has been made by a series of lower highs.
- I am also theorizing the emergence of a massive head and shoulders pattern.
- Failure to cross this diagonal resistance will lead to a strong short/sell call.
Natural Gas: UNG
- Lithium is listed as a long/buy on the daily charts.
- My premature long/buy call back in March has paid off when today it broke above $12.10.
- EMA's have all crossed above the MA(144) but are a little spread out so I'd expect some consolidation in the coming days.
- Natural gas is listed as a speculative short/sell.
- UNG had a great day as well today but I'm still looking at it pessimistically. I've drawn in a diagonal resistance line which connects the series of lower highs that we've had over the last four months.
- Today it did not break above my $13.10 horizontal resistance line, nor should it if it continues downwards.
- The next two or three sessions are critical for determining UNG's direction as the large declining channel is quickly running out of lateral space!
- Steel is still listed as long/buy.
- SLX broke out of it's long term declining channel and crossovers have been seen in both the short and long term KST's.
- EMA's are charging upwards but still appear below the MA(144)
- A diagonal resistance line at around $33.80 has been placed.
Jakob Richardson © 2015