CommodityTrends Weekly Newsletter

Two week's I wrote: "If ZON26 can close below the lower boundary of its large triangle pattern, it would 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."

Last week I wrote: "An entry was triggered to the downside on April 20. The initial stop loss can be placed above the April 17 high. The initial target is the gold weekly chart support level at 317-0."

Note that at the time of this writing price is close to triggering the stop. 

Jul Soybean Oil made a new potential #1 top point today at 75.40, which is also near the bottom of a monthly chart resistance zone.

If price forms a lower high to the right of today’s high, that will confirm the new #1 point. If not, and the market continues to push into new highs, we’ll simply keep watching and wait for the next potential #1 point to form. For now, keep watching to see if all of the 1-2-3 strategy criteria are met.

Jun Natural Gas formed a new #1 bottom point at 2.658 (the low on April 30).

It is important to note that price is trading inside a purple monthly chart support zone. This area is also just above an overlapping weekly chart support zone, which can create a very strong level of support.

For now, this is a market to keep watching closely.

Jun Live Cattle has developed a new potential #1 top point at 256.625 (today's high). Once price forms a lower high to the right of that level, the new #1 point will be confirmed.

For now, keep watching to see if all of the 1-2-3 strategy criteria are met.

Jul Cotton #2 has developed a new potential #1 top point at 84.17 (today's high). Once price forms a lower high to the right of that level, the new #1 point will be confirmed.

For now, keep watching to see if all of the 1-2-3 strategy criteria are met.

May Class III Milk continues trading in a large consolidation pattern. I'm currently watching for price to breakout of the trading range. If it does, I'll then watch for a retrace back to the breakout level and then consider an entry in the direction of the breakout via a fish hook pattern. For now, I'm watching from the sidelines.

Beginning with this issue of my weekly e-letter, I’ll also be including charts of possible setups in select stocks and exchange-traded funds, or ETFs.

Grayscale Bitcoin Trust ETF (GBTC) is close to triggering an MET entry to the upside. A break of the nearby high will do the trick.

Also notice the gap just above the potential breakout point. Since gaps often have a tendency to get filled, it will be interesting to see how price reacts if it reaches that area of the chart.

Strategy Inc. (MSTR) is also close to triggering an MET entry to the upside. (See the circled high.)

Just above the trigger point is a wick that formed on January 14. Wicks can often act like magnets and pull price toward them, so keep a close eye on that price zone.

Much like the two previous markets discussed, Dutch Bros Inc Cl A (BROS) is also on the verge of triggering an MET to the upside. A break of the April 27 high will trigger the entry.