CommodityTrends Weekly Newsletter

Las week I wrote: "May Wheat has a potential MET entry level above the Feb. 12 high. I'm still watching from the sidelines."

Had this setup been traded the entry would have happened on Feb. 19 at approx. 559-2. Because of the large candles that have printed that last couple of sessions, stops can be moved up to just below the gold weekly chart support level, which is at 567-6. Note that there is a gold weekly chart resistance zone above. The bottom of it is at 583-4. Be aware that the market could find a ceiling in this zone.

May High Grade Copper has developed a large 1-2-3 top formation. Because of the recent consolidation, an entry to the downside can now be considered on a break below the Feb. 06 low. Stops can be placed above recent resistance levels. The initial target is the Daily chart 50% level at 5.4712. Keep watching.

Last week I wrote: The Mar British Pound made has developed a large 1-2-3 top formation. An entry to the downside can be considered on a break below today's low. Stops can be placed above resistance of the #3 point. The initial target is the weekly chart support level near 1.3387.

This trade could have been entered on Feb. 17. The initial stop would be above the #3 point. The initial target is the weekly chart support level at 1.3387.

May Cotton #2 developed a 1-2-3 bottom formation. The #1 bottom point at 62.86 (the low on Feb. 06). The #2 point is 64.50 (the high on Feb. 13). The #3 point is 63.41 (the low on Feb. 17.) 

An entry could have been established on the break of the #2 point. The stop loss could now be moved to slightly above entry (to reduce risk). The initial target is the daily chart resistance level at 66.28.

May Cocoa made a new possible #1 bottom point at 3031 (at the time of this writing). Keep watching for all of the 1-2-3 strategy criteria to be met.

The Mar Dow Futures Mini has developed a 1-2-3 top formation. The #1 point is 50,611 (the high on Feb. 10). The #2 point is 49,155 (the low on Feb. 13). The #3 point is 49,967 (the high on Feb. 18). An order to the downside will be triggered on a break below the #2 point. The initial stop loss can be place above the #3 point. The initial target is the daily chart support level at 48,226.

Note that this is a volatile market. To help reduce risk traders might consider using the Dow micro contract if contemplating a position in this market.