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CommodityTrends Weekly Newsletter![]() Grains
Sep Rough Rice has developed an up-sloping channel. Price broke out to the downside of the pattern and is now trading back inside the Weekly chart support zone (gold rectangle). I'm watching to see if price will dip into the blue daily chart zone and perhaps form a reversal pattern. Keep watching. Dec Soybean Meal has developed a #1 bottom point inside of a monthly chart support zone (purple rectangle). Keep watching for a 1-2-3 bottom formation to develop. Metals
Oct Platinum has developed a left shoulder and a head of a head and shoulder top formation. Keep watching for a right shoulder to form to setup a possible shorting opportunity. Financials
Sep 30-Year T-Bond rallied into the daily chart resistance zone this week and has hooked to the downside. However, price is now stuck inside of a small trading range -- pinned between the daily chart resistance zone and the weekly chart support zone below. Because of this price action, I'll stop watching this market for now. Meats
Aug Lean Hogs has developed both a #1 point and a #2 point of a 1-2-3 top formation. Keep watching for all of 1-2-3 strategy criteria to be fulfilled. Foods/Softs
Oct Sugar #11 developed a new #1 bottom point. Keep watching for all of 1-2-3 strategy criteria to be fulfilled. This article contains syndicated content. We have not reviewed, approved, or endorsed the content, and may receive compensation for placement of the content on this site. For more information please view the Barchart Disclosure Policy here.
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