CommodityTrends Weekly Newsletter

For Jan Rough Rice, the new #1 bottom point is 9.830 (the low on Dec. 04). Keep watching.

Mar Wheat produced a #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 529-6 (the low on Dec. 02). A break above the Dec. 02 high would trigger an entry to the upside. If filled, the initial stop can be placed just below the #3 point. The initial target is resistance of the #2 point.

Note: If price drops below the current #3 point before an upside entry triggers, the setup is no longer valid. We’ll then need to wait for a fresh #3 point to form. 

Jan Platinum made a #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). Previously I wrote: A close below the green uptrend line could trigger an entry to the downside. An entry to the downside was triggered on Nov. 20. Depending on risk tolerance, the initial stop loss can be placed just above the Nov. 19 highs The initial target is the monthly chart 50% level (purple dashed-dotted line) at 1435.40.

This setup was stopped out on Nov. 26. I'll stop watching this market for now.

Mar Cotton #2 made a #1 bottom point at 63.11 (the low on Nov. 21. The #2 point is 64.95 (the high on Nov. 28). Keep watching for all of the 1-2-3 strategy criteria to be met.

Jan Orange Juice developed a #1 bottom point at 132.50 (the low on Nov. 24). The #2 point is 158.80 (the high on Dec. 03). Keep watching for all of the 1-2-3 strategy criteria to be met.

Mar Sugar #11 produced a #1 bottom point at 14.04 (the low on Nov. 06). The #2 point is 15.29 (the high on Nov. 28). Keep watching for all of the 1-2-3 strategy criteria to be met.