Given the critical pivoting the market is making these days I thought it best to post both daily and weekly charts.
Crude Oil: USO
Natural Gas: UNG
- Agriculturals are generally looking very strong in the long-term.
- Precious metals like SLV and GLD are holding at critical support lines at the moment. Failure to hold would be very bearish.
- Crude oil next week might see a little bounce but it has much further to fall.
- Natural gas has a critical resistance line to break through.
- DBA is listed as speculative short/sell.
- The weekly chart is showing some short term over-bought qualities and I think a little retracement is still in the cards when looking at the daily chart.
- The EMA(34) on the daily chart is at $22.57 which is where I see this as a buying opportunity.
- The EMA's are closing in on the MA(144) though which is bullish.
- JJU is a short/sell.
- KOL is listed as a speculative long/buy.
- On the weekly chart KOL has contacted a long term support line which has served as a bottom in previous scenarios. I'm making the call, KOL is a long term buy.
- JO is listed as a speculative long/buy.
- 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.
- The weekly chart indicators are showing a lot of bullish crossovers.
- 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.
- A firm bottom seems to be in at around $16.70 but the complicating issue here is that the crude oil component is dragging the other strong commodities down in the DBC index.
- JJC is listed as a short/sell.
- The weekly chart still looks very unhealthy.
- CORN is listed now listed as a long-term buy.
- Resistance will permeate from $27.00 to $28.00 and the RSI(5) is showing overbought conditions so a pause is in order for the foreseeable future.
- USO is listed as a short/sell.
- In the coming week we may have a pause in USO's fall, however a final collapse to $15.60 is still likely.
- GLD is a neutral.
- The large long term declining channel is still in control but a very solid support at $110.00 is present. Let's watch....
- LIT is being changed to a speculative long/buy for next week.
- The long term chart of LIT still looks very very unhealthy and I foresee it reaching the the lowermost support red support line on the weekly chart. Long term LIT is a short/sell.
- Medium term LIT is still a short/sell.
- COW is listed as a short/sell.
- Support was broken at $26.90 so this means we might see a decline to $25.50.
- UNG is a speculative long/buy.
- Looking at the weekly chart an excellent "bottoming" pattern is appearing (although I am fearful that what has been created is a bear flag).
- On the daily chart early in the week we should hopefully see UNG break through the diagonal resistance (blue dotted line).
- SLV is being changed to a speculative long/buy.
- SLV is dangerously close to falling through support at $14.50 on the weekly chart but is also making excellent progress towards the final channel resistance line. I'll play the devils advocate and say that support will hold.
- SOY is a long/buy in the medium term.
- On the weekly chart an eventual rise to $21.50 looks possible.
- Sugar is listed as a neutral.
- CUT is listed a short/sell.
- There might be a bounce next week but the long term outlook for CUT is negative.
- URA is a short/sell.
- WEAT is listed as a long/buy.
- Long term wheat is looking quite strong although near term there may be a minor retracement.
Jakob Richardson © 2015