CommodityTrends Weekly Newsletter

Last week I wrote: "I'm still watching May Soybean Meal for a possible MET trigger to the upside. This will occur if price breaks above the Feb. 26 high."

The entry triggered on March 19 and rallied to the next daily chart resistance level, shown by the blue horizontal line. As I often mention in this letter, that would have been a reasonable place to take profits. That said, any remaining positions were likely stopped out today as the market retraced back to the original entry level.

May High Grade Copper developed a large 1-2-3 top formation. 

Previously I wrote: "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. Since price hasn't done either as of the time of this writing, I'm now going to focus solely on the gold horizontal weekly chart support line. If price can close below that level (5.7635) I'll consider a short entry. 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."

The entry was triggered on March 13 (after I sent out this letter). The initial target was hit on March 18. If trading additional positions, the protective stop can now be moved down to just above the March 20 high.

Jun Lean Hogs is on the verge of triggering an MET entry to the downside. If the entry is filled, stops can be placed above recent resistance, depending on your risk tolerance. The initial downside target is the top of the weekly chart resistance zone near 101.975.

May Cocoa has developed a #1 bottom point at 2846 (the low on March 02). The #2 point is at 3480 (the high on March 11) Keep watching for all of the 1-2-3 strategy criteria to be met.

I’m watching for Apr Class III Milk to break out of its current large consolidation pattern. Which means I’m currently on the lookout for a possible MET trigger in the direction of the breakout. For now, I’m staying on the sidelines.