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CommodityTrends Weekly Newsletter![]() Grains
Sep Rough Rice has dipped into the blue daily chart support zone (which overlaps the gold weekly chart support zone) and is currently trading just above the weekly chart support level (gold horizontal line). At this point I don't see a setup, so I'll continue to watch from the sidelines. Dec Soybean Meal has developed a new #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 possible head of a head and shoulder top formation. Keep watching for the head of the pattern to be confirmed with a lower high. Then watch for a right shoulder to form to setup a possible shorting opportunity. Currencies
Sep British Pound has developed a #1 top point (the July 01 high). Keep watching for all of 1-2-3 strategy criteria to be fulfilled. Meats
To allow more time for a possible setup to play-out, I'll switch from watching Aug Lean Hogs and now watch Oct Lean Hogs. This market has developed a 1-2-3 top formation. An entry to the downside will be triggered as early as the next trading session on a break below the Friday, July 11 low. The initial stop loss could be placed above the #3 point. The initial target is the blue daily chart support level at 87.150. Keep watching. Foods/Softs
Oct Sugar #11 has developed #1 and #2 bottom points. 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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