CommodityTrends Weekly Newsletter

If July Oats can close below the lower boundary of its large triangle pattern, it will trigger a downside entry. That said, the daily chart 50% level sits just beneath the triangle, so ideally I’d like to see price close below that level as well before considering a short entry. If a short entry is triggered, the initial target will be the gold weekly chart support level at 317-0.  

To give the pattern more time to develop, I’ve shifted my focus from May Soybean Oil to Jul Soybean Oil. The #1 top is at 70.12 point, which was the April 7 high, and the #2 point is 65.35, the April 14 low. For now, continue watching to see if all of the 1-2-3 strategy criteria are met.

To give the pattern more time to develop, I’ve shifted my focus from May Natural Gas to Jun Natural Gas. The #1 bottom point is at 70.12, which was the April 7 high and has formed inside of a purple monthly chart support zone. For now, keep watching to see if all of the 1-2-3 strategy criteria are met.

Previously I wrote: "Jun Live Cattle is on the verge of possibly triggering a MET to the upside. A break of the Feb. 19 high will trigger the entry. If filled, stops can be placed below recent lows (depending on risk tolerance). The initial target is the bottom of the weekly chart resistance zone at 244.575. The entry was triggered on March 30, and the initial target was reached on April 2." 

Last week I wrote: "For any remaining positions, the stop can now be moved up to just below the April 8 low. This helps protect open profits while still giving the market a little room to move." This stop would have been triggered today as price broke below the April 8 low. Even so, this was still a very nice trade setup.

Jul Coffee has formed a large triangle pattern. A close outside of the pattern would trigger an entry in the direction of the breakout. If an entry is filled, stops can then be placed above or below recent support or resistance levels, depending on the direction of the trade. The initial target will is the gold weekly chart horizontal lines at the extremes of the pattern (310.00 on the upside and 269.00 on the downside).

May Class III Milk is trading in the lower third of a large consolidation pattern. If price closes below the low of the pattern it will trigger an entry to the downside. If an entry is filled, stops can then be placed above recent resistance levels. The initial target will be the top of the gold weekly chart support zone near 16.00. For now, I'm watching from the sidelines.