Sunday, June 14, 2015

Weekend Commodities Report: Daily Charts

I finished my PLAB 2 exam so I can now return to day trading and my beloved website! Because of my absence for the last two weeks I will be reviewing all commodities in this post. The last two weeks have been a marked period of ambiguity. Trading overall continues to occur within a tight range and if any correction does occur a retracement to the 20 EMA on the monthly chart is a given. In some cases I am not able to draw in very much because very ambibigous trends are being made and for this I apologize but I am not being given very much to work with.

Agriculture: DBA
  • DBA is listed as neutral but I fear a decline to $21.70 is still in the cards
  • We are coming to the end of our dominant declining red channel but I have a sneaking suspicion that it will continue to fall.

Aluminum: JJU
  • JJU is a speculative long/buy.
  • Strong support is being seen at $16.20 and a bounce next week is likely but the larger declining red channel is still in control.
  • Target is set around $17.00 or wherever the EMA(34) is.

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.

Commodities: DBC
  • DBC is listed as speculative long/buy.
  • The current red channel is very much in control and a further slight decline is expected next week. 
  • A higher low may be in so target is set to $18.60. 

Copper: JJC
  • JJC is listed as a neutral for next week.
  • Weakness is still very much evident in it's chart and a decline to $31.50 is still possible.

 Corn: CORN
  • CORN is listed as neutral.
  • 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.
  • Iran is going to be coming online with 400,000 barrels and OPEC kept output unchanged. 
  • 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 a neutral.
  • 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 speculative short/sell.
  • For COW to remain in the blue channel support should be found around $26.90 to $27.00.

Natural Gas: UNG
  • I expect some more weakness next in UNG but I have attempted to draw what the new channel may look like.
  • UNG could quickly change to a "buy" next week.

Palladium: PALL
  • No comment.

Platinum: PPLT
  • PPLT is listed as a short/sell to around $103.00.

Silver: SLV
  • SLV is listed as neutral as a strong bounce may take place at $15.10.

Soy: SOYB
  • No comment.

Steel: SLX
  • SLX is listed as a neutral.
  • We are at a critical inflection point at the moment so steel will be critical to watch next week.

Sugar: SGG
  • Sugar is listed as a short/sell.
  • The large declining channel is still firmly in control, albeit we are near the lowermost support line.

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

Uranium: URA
  • URA is a short/sell until $10.40.

Wheat: WEAT
  • No comment.


Jakob Richardson © 2015