Dec Soybean Oil produced new #1 and #2 points this week. Keep watching for a #3 point to take shape.
Jul High Grade Copper formed a 1-2-3 top. Three week's ago I wrote. . . "An entry to the downside was triggered on May 30 when price broke below the May 29 low. The initial stop loss could have been placed just above the #3 point. The initial target is the top of the daily zone just below and was triggered today. The stop loss for any remaining positions can be moved to the entry price. If price continues to move lower down to the purple monthly chart support line at approx. 4.4850, the stop on the remaining positions could then be moved down to just above the blue horizontal line at 4.6790, which would be resistance at that point."
Because volume is starting to move out of this contract into the September, it might be wise to consider liquidating any remaining positions at current levels. While the setup took awhile to see movement, this market did move down nicely after the 1-2-3 top formation had developed.
Sep 30-Year T-Bond has rallied into a daily resistance zone that is overlapping a monthly resistance zone. In the process price has formed a left shoulder and a head of a mid-level head and shoulder top formation. Keep watching for a right shoulder to take shape and a potential opportunity to the downside.
Aug Lean Hogs has produced both a #1 and #2 bottom point. Keep watching for a #3 point to develop and potentially setup an entry to the upside.
Dec Cotton #2 made a new 12 month low this week and in the process produced both new #1 and #2 bottom points inside of a weekly support zone. Keep watching for a #3 point to develop and potentially setup an entry to the upside.
Jul Sugar #11 developed a 1-2-3 bottom formation. An entry to the upside was triggered on June 04. The initial stop loss could have been placed just below the #3 point. The initial target is the bottom of the daily zone just above at approx. 19.37. Price did hit this level on June 07, but for a limit order to "guarantee" a fill price must trade through it (above it in this case). Price did indeed trade "through" the target price on June 13.
Last week I wrote. . . "Because First Notice Day (FND) is a little over two-weeks away, if trading any additional contracts the stop could be moved to just below the June 13 low." This level was broken on June 17.
I'm now watching the October contract from the sidelines.
On the date of publication, Jim Prince did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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