Monday, April 27, 2015

Commodities Report: Daily Charts

A lot of the patterns and consolidation signals I've identified are still in place because the FOMC's statement is due Wednesday. There isn't much to add beyond what I have already identified. Please expect a lot of volatility between now and then.

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

Aluminum: JJU
  • JJU is still listed as a neutral

Coal: KOL
  • Daily chart shows KOL as a long/buy
  • Consolidation pattern continues to unfold with lower support at $13.40 and upper resistance at $14.20. 

Coffee: JO
  • JO is now a neutral.

Commodities: DBC
  • DBC is listed as a long/buy.
  • Upper target of $18.30 is approaching. Please be mindful of this.

Copper: JJC
  • JJC listed as a long/buy on the daily charts. 
  • My medium term KST indicator has crossed upwards. 
  • A large bearish pennant has taken shape. 
  • Upper target of $36.00.

Corn: CORN
  • CORN remains a strong short/sell.

Cotton: BAL
  • BAL is listed as a speculative short/sell
  • I said a week ago that a retracement is possible on BAL as the EMA's were getting a little too spread-out for me which could force a sell/short and that now appears to be happening. I don't like that it smashed through the EMA(34) so easily on Friday but support at the MA(144) should at least happen.

Crude Oil: USO
  • A short/sell signal is now issued.
  • It has reached the upper resistance at $20.00. A small retracement should take place next week to $18.50.
  • USO continues to close in on the MA(144) and the medium and short term KST's have both crossed over bullishly.
  • Please continue watching USO skeptically.

Gold: GLD 
  • GLD is listed as a speculative sell/short.
  • All of my predictions hinge on this crazy theory that a I am seeing a head-and-shoulders pattern developing.
  • Contact was made with the diagonal resistance line with a 2.02% rise today but not enough to change my long term indicators. There's still room left for this to play out and convincing break with two closes above the line need to happen for me to reverse my position.
  • The 'daily' and '60 minute' point and figure charts still have bearish predictions.

Lithium: LIT
  • Lithium is listed as a long/buy on the daily charts. 
  • Smashed through the resistance line and didn't even pause like I thought it might.

Livestock: COW
  • COW is listed as a neutral.

Natural Gas: UNG
  • Natural gas is listed as a speculative long/buy.
  • It fell below my $12.50 support line which means UNG should finally find a bottom at around $11.00 to $11.50 (about $2.40 per BTU).
  • Natural gas is about 7 cents away from my theorized bottom about 10 days ago but my long term indicators have crossed over so I think this is finally it.

Palladium: PALL
  • Palladium is listed as a neutral.

Platinum: PPLT
  • Platinum is still listed as a short/sell.

Silver: SLV
  • Silver is a short/sell.
  • Short term KST indicator just crossed over bearishly.

Soy Bean: SOYB
  • Soy is listed as a speculative short/sell.

Steel: SLX 
  • 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.

Sugar: SGG
  • Sugar is being switched to a long/buy on the daily charts in the medium term.

Timber: CUT
  • CUT is listed as a speculative short/sell.
  • Bearish pennant is forming so please take profits in-case this breaks down.

Uranium: URA
  • Uranium is a neutral.
  • A pause is needed after it's incredible rise. 

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

Jakob Richardson © 2015