Monday, June 22, 2015

Commodities Report: Daily Charts

Agriculture: DBA
  • DBA is listed as neutral with a possible bull flag developing.
  • A decline to $21.70 did happen and DBA continues to be stuck in a tight trading range.

Aluminum: JJU
  • JJU is a short/sell.
  • My speculative call turned out to be wrong and the strong support we had at $16.20 has broken.

Coal: KOL
  • KOL is listed as neutral.
  • Around the 18th of May a sell was issued and I think the sell-off has finally finished. 
  • Things are looking a little oversold and $12.00 is a good place to begin forming a base.

Coffee: JO
  • JO is listed as a neutral.
  • Momentum continues to make positive directional movements and we are approaching the end of the dominant downward channel.
  • If $21.00 breaks down my theory of a commodities turnaround is wrong. 
  • It may look like a speculative long/buy right now but the ceiling is now drawn in at $23.23.

Commodities: DBC
  • DBC is being changed to neutral.
  • The current red channel is very much in control and a further slight decline is expected this week. 
  • A higher low may be in so target is tentatively set to $17.97. 

Copper: JJC
  • JJC is listed as a neutral for this week.
  • Weakness is still very much evident in it's chart but the stock has strayed outside the Keltner channels for five sessions now. A move back up to around $31.00 to get back inside is likely.

 Corn: CORN
  • CORN is listed as neutral, but a possible bull flag has developed.
  • We are still tantalizingly close to breaking out with a bottom in at $22.50.

Cotton: BAL
  • BAL is listed as a neutral.

Crude Oil: USO
  • USO is listed as a short/sell.
  • Holding $20.00 is essential - breaking below forecasts more weakness for crude.

Gold: GLD
  • GLD is a short/sell.
  • The large long term declining channel is still in control.

Lithium: LIT
  • LIT is being changed to a speculative long/buy.
  • The chart still looks weak but momentum is still positive so maybe the decline from mid May is coming to an end. 

Livestock: COW
  • COW is listed as a short/sell.
  • Support was broken at $26.90 so this means we might see a decline to $25.50.

Natural Gas: UNG
  • I expect some more weakness ("speculative short/sell") next in UNG but I have attempted to draw what the new channel may look like.
  • UNG could quickly change to a "buy" this week. 
  • UNG has to stay above $12.80 in order for this speculative uptrend to stay.

Palladium: PALL
  • No comment.

Silver: SLV
  • SLV is being changed to a speculative long/buy as a strong bounce may take place at $15.10.

Soy: SOYB
  • No comment.

Steel: SLX
  • SLX is listed as a neutral.

Sugar: SGG
  • Sugar is listed as a long/buy.
  •  I am predicting a bounce off of the lowermost support line.

Timber: CUT
  • CUT is listed a short/sell.

Uranium: URA
  • URA is a short/sell.

Wheat: WEAT
  • WEAT is listed as a speculative long/buy.

Jakob Richardson © 2015