CommodityTrends Weekly Newsletter

Dec Corn has developed a #1 bottom point at 425-6 (the low on June 30) inside of a weekly chart support zone (and at a monthly chart support level). It's also produced a new #2 point at 474-2 (the high on July 16). Keep watching for all of the 1-2-3 strategy criteria to be met.

In the interest of full transparency, I have already taken a position in this market, as reported in my Daily Trading video.

Dec Soybean Oil has formed a #1 top at 74.55, the June 3 high, followed by a #2 point at 64.62, the June 18 low.

In the interest of full transparency, I have already taken a position in this market, as reported in my Daily Trading video.

For a more detailed explanation of this setup and my approach, please refer to the Daily Trading video. Any additional trade updates, including exact entry, stop-loss, and target levels, will be provided at that time.

Aug Gold is trading near the bottom of its large flat bottom triangle, which is typically a bearish chart pattern. Price is currently still inside the triangle and on the edge of a weekly chart support level. Keep watching.

Sep 10-Year T-Note developed a 1-2-3 bottom (with multiple #2 and #3 points). This pattern has since developed into a channel. I am still watching for a breakout.

If price breaks out of the channel, I will look for a retracement back to the breakout level. If that occurs, I may consider a possible entry at that time.

Oct Sugar #11 continues to trade inside of a large triangle pattern. I am still watching for a possible breakout of the pattern.

Note: Many markets in the Foods and Softs sector have been extremely volatile, with large intraday price swings often followed by sharp reversals a few days later. This type of price action can create whipsaws and may require giving a trade more room to develop. Another option is to remain on the sidelines and focus on opportunities in less volatile sectors.

Fortune Brands Innovations Inc (FBIN)

Last week I wrote: Price retraced to the daily chart 50% level and then bounced, forming a fish hook pattern. A long entry could be triggered on a break above today’s high (the July 10 high).

An entry was triggered this week. For a detailed explanation of the setup and trade specifics, please refer to my Daily Video.