CommodityTrends Weekly Newsletter

For Jan Rough Rice, the #1 bottom point is at 10.195 (the low on Nov. 06). The #2 point is 10.680 (the high on Nov. 12). Keep watching.

To allow more time for a formation to develop, I've switched from watching the Dec Wheat and I'm now watching Mar Wheat. Its #1 bottom point at 508-4 (the low on Oct. 14). The #2 point is 568-0 (the high on Nov. 05). The #3 point is 541-0 (the low on Nov. 7). A retrace into the blue zone could provide a possible long entry via a Fish Hook pattern. Keep watching.

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 1666.40 (the high on Nov. 13). 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 formed 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: "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. Per my daily video posted Nov. 13, I mentioned that stops on any remaining position could be moved to just below the Nov. 13 low of 4.454. Had this been done, any remaining positions would have been stopped out on Nov. 14. However, if still paper trading this market you could consider moving your stop up to just below the purple monthly chart support level of 4.373.

To allow more time for a formation to develop, I've switched from watching Dec Cotton #2 and I'm now watching Mar Cotton #2. Its #1 bottom point at 64.21 (the low on Nov. 14).Keep watching for all of the 1-2-3 strategy criteria to be met.

Mar Sugar #11: It's #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.