Brazil iShares EWZ have put in a double bottom formation, touching in October 2011 and May-July 2012. Shares tried to re-test the support area of $49 in November 2012 but failed to do so putting in a higher low. Since November 2012 shares have rallied and stalled at the $57.50 recent resistance area as seen on the weekly chart.
Daily chart shows a channel formation at this area of interest with prices ranging between $56-$57.50. A break either way should suggest the future of EWZ. With price above the 200SMA, MACD in positive territory ,and RSI above the 50 line the bias seems to be leaning towards price appreciation.
UNG breakdown of trend line support. 200 sma is at $19.14.
Weekly chart looks really bearish as the price action rejects the 50 ema, and falls out of the bear flag. This weeks price action will be important.
Breakdown under $20 for aggressive entry.
Continuation of breakout, up 1.2% from $40.10. Hourly support at $40.50, Breakout support of $40. Pull back would bring a nice entry opportunity depending on price action. Looking for this to go higher over $40.60.
USO short under $31. Target 29.50. Wish I got in this one after the hammer formed 11/19
Will gold and silver continue their bullish run?
Over $34 in SLV long set up.
Over $174 long setup. Could get aggressive on long entry over $168.
GE blew past expectations this morning, further adding to a number of companies showing profits, and further feeding my bull market sentiment. XLF financial sector spider might be one to start thinking about. Looks like it has double bottomed around $15.80. I’ll be watching this one closely here in the coming months. If this can break the downtrend line above around $16.75 then I’m a buyer. Hopefully we can then blow past the recent and April 2010 $17.14 highs and move up towards the $26, 2009 level highs. That would be a nice 50-60% return if I’m right being bullish on the under-preforming financial sector.
Cotton ETF (BAL), hit a high of $117 this March. I thought we were looking at a head in shoulders pattern at the end of March, but subsequently it rallied again in the beginning of April. Today BAL closed back over it’s 50 EMA. Although still bias long, I think if we can’t break through the $110 level we may be seeing a triple top. A bit of a contrarian play in my opinion, but i will definitely be watching this one closer! May signal the commodities bull coming to an end.