CommodityTrends Weekly Newsletter

Las week I wrote: May Wheat has a potential MET entry level above the Feb. 12 high.

Had this setup been traded the entry would have happened on Feb. 19 at approx 559-2. 

Price is now trading inside of the gold weekly chart resistance zone. Inside of this zone (and just above today's high at the time of this writing) is a purple monthly chart resistance level, and a gold weekly chart resistance level near the top of the zone. Be aware that this zone can still act as a ceiling.

May High Grade Copper has developed a large 1-2-3 top formation. Price is on the verge of producing another #3 point. I'm still watching from the sidelines.

Two week's ago I wrote: The Mar British Pound made developed a large 1-2-3 top formation. Since then, an entry to the downside could have been considered on a break below the Feb. 13 low. Stops could have been placed above resistance of the #3 point. The initial target is the weekly chart support level near 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 initial target was the daily chart resistance level at 66.28, and it was hit on Feb. 24.

If trading additional positions, stops can be moved up to just below the Feb. 23 low.

May Cocoa produced a new possible #1 bottom point via today's low at 2849 (at the time of this writing). Keep watching for all of the 1-2-3 strategy criteria to be met. 

Last week I wrote. . . "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."

An entry was triggered on Feb. 23. The initial stop loss could have been placed just above the #3 point (as mentioned above). The initial target is still the blue 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.