CommodityTrends Weekly Newsletter

Nov Rough Rice has formed a triangle, with part of the pattern sitting inside a weekly chart resistance zone. An upside breakout could create a potential long setup. For now, though, I’m staying on the sidelines. I’d prefer to see a convincing breakout above the triangle and resistance zone, then look for a possible entry if price pulls back to retest the breakout area.

Dec Soybean Meal has developed a mid-level 1-2-3 top formation. Be sure to follow my Daily Trading Video, where I’ll explain exactly how I plan to approach this potential trade setup.

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Dec High Grade Copper has developed a #1 top point at 6.9600, the August 6 high, followed by a #2 point at 6.4725, the August 18 low. I’m continuing to watch the setup to see if the remaining criteria for our 1-2-3 strategy are met. Only then will I consider a possible entry.

Sep 10-Year T-Note has developed a #1 bottom point at 107-315, the July 31 low, followed by a #2 point at 109-035, the August 13 high. The setup is forming within a large sideways channel. I’ll continue watching to see if the remaining criteria for our 1-2-3 bottom strategy are met. If they are, I’ll then consider a possible entry.

Dec Cocoa has developed a large triangle pattern on the daily chart. Price is currently trading inside of the triangle and also inside of a weekly chart resistance zone. Keep watching. 

Freeport-McMoRan (FCX) triggered an MET entry on August 20. This morning, price gapped above the prior all-time high at 72.28 (made June 16). I’ll be watching for a possible pullback that fills some or all of the recent gap and tests support near the June 16 high. A bounce from that area could create another setup worth watching.