CommodityTrends Weekly Newsletter

Sunset over a corn field
Grains

Sep Rough Rice has moved too far, too fast prior to developing a chart pattern. I've stopped watching the September contract and I'm now watching the Nov Rough Rice. The new possible #1 bottom point is 11.735 (today's low).

Dec Wheat has developed a possible #1 bottom point at 517-2 (on August 20). Keep watching for a 1-2-3 bottom formation to develop.

Metals

Oct Platinum has developed #1 and #2 top points. I'm still watching for a 1-2-3 top formation to develop.

Energies

Oct Natural Gas has developed a possible #1 bottom point at 2.814 (today). Keep watching for a 1-2-3 bottom formation to develop.

Financials

To allow more time for a possible setup to materialize, I'll switch from watching Sep 30-Year T-Bond and begin watching Dec 30-Year T-Bond. It is currently trading in the middle of a large triangle formation. Keep watching for a breakout and a possible retrace to the breakout level for an entry.

Meats

Oct Live Cattlehas developed a possible #1 bottom top point at 236.70 (today). Keep watching for a 1-2-3 top formation to develop.

Foods/Softs

Last week I wrote: " Oct Sugar #11 has formed a 1-2-3 bottom. Another long entry was triggered on August 08, when price broke above the August 07 high. The initial stop was just below the #3 point. The initial target is the blue horizontal resistance level at 17.27. Price hasn't yet reached the target of blue horizontal line at 17.27. Price made a nice run to the upside earlier this week, however, because of the recent sell-off, consider moving the stop loss up to a couple of ticks above the entry price." 

If the stop had been moved up as previously discussed (to protect the position), it was likely triggered on August 18. I say “likely” because it depends on the exact stop placement—entry was at 16.17, and the low on August 18 was 16.20. I'm now watching from the sidelines.

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