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 #2 point at 465-6 (the high on July 08). Keep watching for all of the 1-2-3 strategy criteria to be met.

Dec Soybean Oil has formed a #1 top at 74.55, the June 3 high. The #2 point is 64.62, the June 18 low, and the new #3 point is 70.00, the July 8 high.

There are two possible ways I may consider trading this setup. For a detailed explanation of each approach, please refer to my Daily Video. If I decide to enter a trade, I will provide the exact entry, stop-loss, and target levels on at that time.

Aug Gold has developed a very 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 zone. Keep watching.

The Sep 10-Year T-Note formed a 1-2-3 bottom that has since developed into a channel. I am continuing to watch 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 moved up to the downtrend line of its large triangle pattern. Price briefly broke out to the upside but encountered resistance at the purple monthly chart horizontal level.

Last week, I wrote that I would continue watching for a possible breakout. My plan was to wait for price to close outside the triangle and then retrace back to test the breakout level before considering a possible entry.

Price has since moved back below the upper boundary of the triangle, so I am still watching for a clearer setup.

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)

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. For a detailed explanation of this setup, please refer to my Daily Video. If an entry is triggered, I will provide the exact stop-loss and target levels there.