Monday, May 04, 2015

Daily Commodities Report: Daily Charts

Agriculture: DBA
  • DBA is listed as a neutral.
  • The final support line at $22.10 was broken today but I am still hopeful that with all the momentum that has developed behind DBA that a turnaround in a months time is still possible.

Aluminum: JJU
  • JJU is still listed as a speculative long/buy
  •  Please take profits as this is coming up on an earlier resistance line and is outside the Keltner channels.

Coal: KOL
  • Daily chart shows KOL as a speculative long/buy
  • Consolidation pattern continues to unfold with lower support at $13.40 and upper resistance at $14.20.  
  • Where it stands right now it looks like it's consolidating upwards.

Coffee: JO
  • JO is now a short/sell.
  • That strategic pause didn't materialize like I had anticipated. The gradually ascending channel was a bear flag and now my PMO indicators are all pointing and crossing downwards which means "sell."

Commodities: DBC
  • DBC is listed as a neutral.
  • 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 however in the meantime this means JJC will be ascending. 
  • Upper target of $36.00, however the last two sessions have been outside the Keltner channels which means a pause is needed before continuing.

Corn: CORN
  • CORN continues to fall almost uninterrupted since I signaled a "sell/short" back in March.

Cotton: BAL
  • BAL is listed as a speculative short/sell
  • Lower limit of current pennant is at around $44.25.

Crude Oil: USO
  • A short/sell signal is now issued.
  • I don't like USO. I called a short/sell at it's current resistance of $20.00 and it looks poised to breakout. When it does breakout, I'll still list it as a short/sell because COT draw downs are still less than forecast and production in Saudi Arabia continues to ramp up. 
  • I have inserted some blue fan lines so I now expect a much needed retracement to occur around $21.00.
  • Please continue watching USO skeptically.

Gold: GLD 
  • GLD is listed as a speculative long/buy to around $120.00.
  • The head-and-shoulders pattern did materialize. Couple this with a fall in the U.S. dollar and my near term indicators are pointing upwards.
  • A double head-and-shoulders pattern may be emerging. 
  • My medium term KST indicators continue to pinch together as if a crossover is expected in a few months.

Lithium: LIT
  • Lithium is listed as a neutral on the daily charts (long term "buy" still holds though). 
  • Please take profits as LIT is dangerously overbought and outside the Keltner channels.
  • Critical resistance on my Slow Stochastics (5,1) indicator is approaching this week.

Livestock: COW
  • COW is now listed as a long/buy.

Natural Gas: UNG
  • Natural gas is listed as a long/buy.
  • Bullish pennant inside the the bull flag has materialized and some fantastic progress has been seen with natural gas. 
  • A very long term resistance line on the Slow Stochastics (60,3) indicator has been breached. 
  • Upper resistance around $17.00.

Palladium: PALL
  • Palladium is listed as a long/buy.
  • Break out from diagonal resistance. I should have released a buy signal three days ago.

Platinum: PPLT
  • Platinum is still listed as a speculative long/buy.
  • PPLT has also emerged from it's long term declining channel (again).

Silver: SLV
  • Silver is a neutral.
  • Fantastic day with a 2.3% rise at one point. Important for any precious metals bull market that silver leads gold, however please be aware that like the other precious metals a diagonal resistance line is approaching.

Soy Bean: SOYB
  • Soy is listed as a neutral.

Steel: SLX 
  • Steel is still listed as neutral.
  • SLX broke out of it's long term declining channel and crossovers have been seen in both the short and long term KST's. 
  • In the near term however we have reached a resistance point and a retracement to around $32.00 might be possible.

Sugar: SGG
  • Sugar is being switched to a short/sell on the daily charts in the near term.

Timber: CUT
  • CUT is listed as a strong short/sell.
  • Bearish pennant has formed so please take profits. CUT broke the diagonal support line today.

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

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

Jakob Richardson © 2015