CommodityTrends Weekly Newsletter

Nov Rough Rice broke out of its triangle in strong fashion on August 21, creating a potential long setup—especially following the retest of the triangle on August 25. Since then, price has rallied nicely and recently pushed to a new high just below weekly chart resistance near 16.05.

If you’re paper trading this move, consider trailing your stop to just below today’s low to help protect the position while still giving the trade some room to develop.

Dec Soybean Oil has developed a large 1-2-3 top formation inside a large triangle pattern. Be sure to follow my Daily Trading Video, where I’ll explain exactly how I plan to approach this potential trade setup. You can learn more by clicking here.

Just like Dec Soybean Oil, Dec High Grade Copper has developed a large 1-2-3 top formation within a broader triangle pattern. I’m continuing to monitor both patterns for a possible trading opportunity, but for now I remain on the sidelines.

Dec 10-Year T-Note made a new contract low today at 107-080. I'm still watching for a possible trading opportunity.

Dec Cocoa developed a large triangle pattern on the daily chart, with price closing outside of the formation on August 27. From there, the market rallied into several daily chart resistance levels, where it was rejected.

Price has since moved back down and is now testing the former downtrend line of the triangle. At this point, I’m watching from the sidelines and waiting for a little more clarity before considering anything further.

Previously, I pointed out that I’d be watching Freeport-McMoRan (FCX) for a possible pullback that could fill some or all of the recent gap and test support near the June 16 high.

Price did indeed retrace this week, filling the gap—and then some. For now, I’m still watching from the sidelines. However, if price continues to break down, I’ll be watching closely for a possible MET trigger to the downside.