CommodityTrends Weekly Newsletter

I'm watching May Soybean Meal for a possible MET trigger to the upside. This will occur if price breaks above the Feb. 26 high. Keep watching.

May High Grade Copper has developed a large 1-2-3 top formation. If price can close below the blue up trend line and the gold horizontal weekly chart support level, an entry to the downside will be triggered. If filled, the initial stop loss can be place above recent resistance. The initial target is the daily chart 50% level (blue dashed-dotted line). For now, I'm still watching from the sidelines.

Three week's ago 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 (the Feb. 13 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 was to be placed above the #3 point. The initial target is the weekly chart support level at 1.3387. 

The target was hit on March 02. Stops on remaining positions can be moved to just above the Feb. 19 low (1.3434, the red horizontal line).

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.

Per last week's letter. . . "If trading additional positions, stops could be moved up to just below the Feb. 23 low." If this had been done, stops for additional positions would have been triggered on March 02.

May Cocoa made a new #1 bottom point at 2846 (the low on March 02). Keep watching for all of the 1-2-3 strategy criteria to be met. 

Previously 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 was the blue daily chart support level at 48,226. This target was hit on March 02.

If trading additional positions, consider moving the stop loss down to just above today's high (March 06).

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.