A reader asked me for my take on Silver so I thought that would be a good opportunity to look at a number of different commodity charts. Right now I think Silver is in the middle of a pullback and could head down to $37 or it could just as easily turn back up here and breakout. But until it does BO, I think there is too much risk to take a position trade right now. Let the price come to you instead of chasing.

COPPER – broadening wedge which is normally a bearish formation. Could find some support near $3.75

GDX has recently broke out and is consolidating right now. Given that miners have been some of the best looking charts out there this is a sector I’m focusing on for long trades.

USO is looking very bearish after a recent breakdown from a head and shoulder pattern, and now has a rising bearish wedge that looks to break anyday now. It’s also interesting to note that the recent rally has taken it almost back to the neckline.

CORN has a falling bullish wedge pattern forming and could bust to the upside anyday. $47 looks to be support. My upside target is previous highs where I would take some off the table and see if it can breakout.

 

3 Responses to “Looking At Various Commodity Charts”

  1. Kevin Says:

    hey jeff, another reason to like GDX is that the gold miners have not kept up with the rising price of gold. In the last 9 months gold is up 30% and gold stocks are flat.

  2. jeff pierce Says:

    Like you need another reason to like miners…. 🙂 but yeah…I totally agree.

  3. Pinky Shah Says:

    Hey, good blog nice information about commodity and intraday calls , I would like to read more about equity tips. Thanks for posting!! Keep it up!!

    Regards: NCDEX

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