CommodityTrends Weekly Newsletter

For Jan Rough Rice, the new #1 bottom point is at 10.195 (the low on Nov. 06). Keep watching.

Dec Soybean Meal formed a #1 bottom point at 270.10 (the low on Oct. 01). The #2 point is 282.00 (the high on Oct. 03). The #3 point is 273.00 (the low on Oct. 15). In mid-October I wrote: "Long entries can be considered at current levels. The initial stop loss can be placed just below the #3 point if comfortable with the risk. The initial target is the blue horizontal resistance line at 288.8."

Last week I wrote: "Price moved as anticipated and hit the initial target on Oct. 22. If trading additional positions, stops can now be moved to just below support of the blue horizontal line at 311.6." 

The final stop level was hit on Nov. 6. Nonetheless, what a fantastic move!

Price action in Dec Wheat identifies a #1 bottom point at 492-2 (the low on Oct. 14). The #2 point is 555-0 (the high on Nov. 05). Keep watching for all of the 1-2-3 strategy criteria to be met.

Jan Platinum made a new #1 top point at 1,770.0 (the high on Oct. 16). The #2 point is 1481.20 (the low on Oct. 22). The #3 point is 1630.00 (the high on Oct. 31.

A close below the green uptrend line could trigger an entry to the downside. Depending on risk tolerance, the initial stop loss can be placed just above recent highs. The initial target is the monthly chart 50% level (purple dashed-dotted line) at 1435.40.

The Dec Natural Gas contract has a #1 bottom point at 3.595 (the low on Oct. 17). The #2 point is 4.139 (the high on Oct. 22). The #3 point is 3.752 (the low on Oct. 29). On Oct. 31 I wrote the following three week's ago: "A long position was triggered today on a break above the Oct. 30 high. Depending on risk tolerance, the initial stop could be placed just below the #3 point. The initial target is the monthly chart resistance level (purple horizontal line) at 4.383."

The initial target was hit on Nov. 04.

Stops on any remaining position can be moved to just below the blue daily chart support level of 4.170.

For Dec Cotton #2, the #1 bottom point is 62.71 (the low on Oct. 14). The #2 point is 66.10 (the high on Oct. 29). Keep watching for all of the 1-2-3 strategy criteria to be met.

Mar Sugar #11: It's new #1 bottom point is 14.04 (the low on Nov. 06). Keep watching for all of the 1-2-3 strategy criteria to be met.