CommodityTrends Weekly Newsletter

Jul Soybean Oil has a #1 top point at 76.99 (the high on May 05). The #2 point is 72.95 (the low on May 14). The #3 point is 76.32 (the high on May 20). A break below the #2 point will trigger an entry to the downside. The initial stop loss can be placed just above the #3 point. The initial target is the daily chart support level at 69.64 (the blue horizontal line).  

Jul High Grade Copper has developed a #1 top point at 6.7160 (the high on May 13). The #2 point is 6.1475 (the low on May 20). Keep watching to see if all of the 1-2-3 strategy criteria are met. 

If you’re a regular reader of this letter, then you may remember that several weeks ago I wrote the following: "Jun Natural Gas developed a #1 bottom point at 2.592 (the low on April 30). The #2 point is 2.883 (the high on May 4). The #3 point is 2.676 (the low on May 7). A break above the #2 point would trigger an entry to the upside. The initial stop loss can be placed just below the #3 point. The initial target is just below the top of the purple monthly chart zone. You can see this illustrated in the sample risk/reward box I’ve drawn on the chart. Please keep in mind, this is only an example."

The target was hit on May 19. The stop loss on any remaining positions can be moved to just above the entry price. Please note that First Notice Day (FND) is May 28, so any remaining positions should be exited 3–5 days before that date.

Jun Live Cattle developed a #1 top point at 256.625 (the high May 1). The #2 point is 24.475 (the low on May 11). The new #3 point is 255.775 (the high on May 18). A paper trading entry to the downside was triggered on May 20 when price broke below the May 19 low. The initial stop loss is just above the #3 point. The initial target was the top of the gold weekly chart zone at 248.050 -- which was hit today.

Stops on any remaining positions can be moved to just above the May 20 low (which is minor resistance).

Jul Cotton #2 has moved too far, too fast without forming a tradable chart pattern. Because of that, I’m going to stop watching this market for now. If a new setup develops in the near future, I’ll bring it back to this letter.

Intuitive Machines Inc (LUNR) is on the verge of triggering an MET entry to the upside. Keep watching.

Quantum Computing Inc (QUBT) is also on the verge of triggering an MET entry to the upside. Keep watching.