Natural Gas (NG) surged more than 5% Friday (on the July contract), closing around the highest level since March. NG is once again trying to make a major bottom (as can be seen on a monthly chart on tradingview.com) and with last week’s break above descending wedge resistance (on the weekly chart)…
Wheat (ZW) edged higher for a 6th straight green daily candle Friday. Following last week’s massive gains from just above descending wedge resistance (on the weekly chart), ZW is likely to retest the 2024 high by May sometime…
WTI Crude (CL) edged higher Friday, completing a near week long recovery from just above the psychologically key 70 whole figure level after the prior week’s sharp pullback. The bigger picture is of CL is trying to form a higher major low (formed December) versus the March and May low…
Wheat (ZW) formed a daily Gravestone Friday, with last week’s weekly Doji closing just above the psychologically key 600 whole figure level. With the higher January low versus the November low, ZW continues to make progress in its efforts to form a major bottom (as can be seen on a monthly chart on tradingview.com)…
WTI Crude (CL) edged another near 1% higher Friday, completing a month plus bottoming effort around the psychologically key 70 whole figure level. The bigger picture is of CL is trying to form a higher major low (formed December) versus the March and May low…
WTI Crude (CL) slid nearly 1% Friday, continuing a month plus bottoming effort around the psychologically key 70 whole figure level. The bigger picture is of CL is trying to form a higher major low (formed December) versus the March and May low…
Seasons Greetings! Silver (SI) edged lower Friday on healthy consolidation going into the holiday shortened final week of 2023. With SI back above a major triangle/downtrend resistance connecting the April 2011 and February 2021 highs (as can be seen easier on a monthly chart on tradingview.com), odds are elevated for an end to the year back above downchannel resistance (on the weekly chart) and the psychologically key 25 whole figure level…
Silver (SI) edged almost 1% lower Friday on healthy consolidation after the strong gains off Wednesday’s December low. SI is now trying to reclaim downchannel resistance (on the weekly chart), which if successful, dramatically increases the likelihood of breaking within a week after back above the psychologically key 25 whole figure level and a major triangle/downtrend resistance connecting the April 2011 and February 2021 highs (as can be seen easier on a monthly chart on tradingview.com)…
Corn (ZC) edged lower Friday, closing the week at what is arguably descending wedge resistance (on the weekly chart). With the prior week’s weekly Hammer’s long lower shadow reversal from the 2023 low (along with the November Hammer doing the same as can be seen more easily on a monthly chart on tradingview.com), odds are decent that ZC is in the early stages of forming a major bottom (now that the December WASDE released Friday is out of the way)…
Wheat (ZW) gained more than 1% Friday with a 3rd straight up day, attempting to hold the 2023 low. Although last week’s weekly Hammer bounced from just above the October and September low, odds remain moderate for a slide back to downchannel support (on the weekly chart) following Wednesday’s highly anticipated WASDE…
