CommodityTrends Weekly Newsletter

Sunset over a corn field
Grains

Jul Soybean has developed a large 1-2-3 bottom formation. Since price is inside a weekly support zone, a break above the April 24 high will trigger an entry to the upside. The initial stop loss can be placed below the #3 point. The initial target is just below resistance of the #2 point (1225-6).

Currencies

The Jun Euro FX retraced to the nearby blue daily resistance pause zone today. A close below the uptrend line could trigger an entry to the downside. The initial stop loss could be placed just above today's high. The initial target is the top of the gold weekly support zone (near 1.06038). Keep watching.

Energies

Jun Gasoline RBOB has developed both a #1 point (inside a weekly resistance zone) and a #2 point of a 1-2-3 top formation. Keep watching for the #3 point to shape up and a potential trading opportunity.

Meats

Jun Lean Hogs has developed a 1-2-3 top formation at a monthly chart resistance level (purple line) and above an old weekly chart resistance zone (gold rectangle).


A retrace to the top of the weekly zone near 105.000 could provide a potential entry opportunity to the downside. If filled, the initial stop loss can be place just above the #3 point and the initial target would be the bottom of the weekly zone near 100.000. Keep watching.

Foods/Softs

Jul Cotton #2 has developed a bear flag patter. A close below the lower trend line of the flag will trigger an entry to the downside. That said, I'm not particularly fond of this setup for the simple reason that it's materialized inside of a weekly/monthly support zone. Selling into support is, in my opinion, is not ideal. I'd much prefer to buy in a support zone (i.e. buy low/sell high). So I'll watch this from the sidelines.


On the date of publication, Jim Prince did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.