Page 4 - Soft Commodities News Today

On April 16 th GMTT reported that Bitcoin was trading in a tight range, and that Bitcoin elects a sell signal below BTC/USD 60400. When the sell signal was elected we gave different lower targets and the last one was given last Wednesday, which was a downside target of 47688. That target was reached this morning, just in a couple of days Bitcoin lost over 20% off its value in just a few trading days! The short term range for Bitcoin is wide: 43604 – 52175. Traders that are short the Bitcoin ...

Prices for commodities including wheat, corn, soyabeans and vegetable oils have all been rallying sharply since mid-2020 Wheat gains on concerns over dry weather in northern hemisphere. Looking at the overall technical model we see a topping process. The next upside target for Wheat is 710. However, since there is a projected high we are now looking for a good entry level to go short. Its either once Wheat gets close to 710 – with a tight buy stop, or when Wheat elects a technical sell signal...

Tuesday’s Session was Cycle Day 2 (CD2): Price violated CD1 Low (4141.75) with a continuation trend lower during RTH fulfilling 4115, “down-range” objective. Range was 56.75 handles on 1.661M contracts exchanged.  … This leads us into Cycle Day 3 (CD3): Price is currently well below CD1 Low (4141.75) and typically has strong odds of recovering this level during Cycle Day 3 trading. Failure to recover would be marked as a “Statistical Cycle Failure” which only occurs 9% of the time...

Chart of the Day Copper (MAY) Last week, copper looked like it was breaking out a wedge consolidation but China clamping down erased the break. Now it has taken a second run and broken the mid-March high. At GMTT we went long Copper last Wednesday at 4.04 and our target of 4.23 is reached. Very short term we get the next target of 4.29, while a good close above confirms a move towards 4.46. We suggest raising the protective sell stop to 4.21. On another note Gold (JUN) – long from 1726 – re...

  Last week, copper looked like it was breaking out a wedge consolidation but China clamping down erased the break. Now it has taken a second run and broken the mid-March high. At GMTT we went long Copper last Wednesday at 4.04 and our target of 4.23 is reached. Very short term we get a next target of 4.29, while a good close above confirms a move towards 4.46. We suggest raising the protective sell stop to 4.21.   On another note Gold (JUN) – long from 1726 – reached our target given of...

Bitcoin traded this week relatively speaking in a tight range and is looking for direction. This morning BTC/USD reached our first downside target of 61375 – next target down is 60400. A good close Below BTC/USD 60400  elects a sell signal with a projected downside target of 58900. A good close above 63700 is needed to confirm the next key resistance level which is projected around 70k!! The range for today is: 60400 – 63700. Have a successful day and a nice weekend!   Global Indices,...

May you live in interesting times. If you haven’t noticed the world is changing. I mentioned a few weeks ago they were going to disclose some UFO videos and tonight they released them on Fox. They look like ours, but who knows. They talked about packing the court. And now, some of my friends are starting to tell me they are starting to see 5G light poles pop up around their neighborhood. Yes, the times they are a-changing. Oh, don’t get me started on Bitcoin and the potential of losing the ...

There is enough technical evidence that the equity markets are overstretched and due for a correction. As mentioned last week the trading volume was relatively

Chart of the Day GMTT / Chart of the Day / S&P 500 Index (JUN) / April 13, 2021 There is enough technical evidence that the equity markets are overstretched and due for a correction. As mentioned last week the trading volume was relatively low. On Friday it increased a little and we saw a trading volume on the ES (JUN) of just over 1 million contracts. The sentiment is still strong. At the end of last week, we took profit on the long positions in the Indices. However, the buy signal in the Indi...

There is enough technical evidence that the equity markets are overstretched and due for a correction. As mentioned last week the trading volume was relatively