Commodities Monday Review
Today we take a look at commodities like sugar, soybean oil, wheat, coffee that, unfortunately and unwisely, are not as popular among retail traders….great opportunities can be find among these products as I did last week…first in Cocoa (CHOC)
#CC #COCOA BULLISH pic.twitter.com/5yaRpjAxJg
— Alexandros Yfantis (@alexanderYf) July 27, 2017
and next in Soybean Oil (ZL)
#ZL #SOYBEANOIL #bullish pic.twitter.com/8Y8cmo9soI
— Alexandros Yfantis (@alexanderYf) July 27, 2017
Both are breaking out. Cocoa is now testing important long-term resistance at 2060-2080 area…if broken we should see a move higher towards 2300.
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Soybean Oil has already broken out trading above the Ichimoku cloud making higher highs and higher lows.
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Wheat was my main focus since June back when it broke out of the long-term downward sloping wedge pattern…we nailed the pull back….
#WHEAT #ZW most probably a back test of the big break out before the next huge leg up pic.twitter.com/Ovb8xhTPbH
— Alexandros Yfantis (@alexanderYf) June 27, 2017
#wheat #zw soon above 500$ pic.twitter.com/ECoFlfxaWK
— Alexandros Yfantis (@alexanderYf) June 29, 2017
subscribers saw me buy futures and options…..
#ZW #WHEAT today I closed at 554$ my long futures position and hold on to my Dec Calls priced now at 23$...from 2.75$ pic.twitter.com/Qy6oPjVV2P
— Alexandros Yfantis (@alexanderYf) July 5, 2017
and we also saw the correction coming….
#ZW #WHEAT Possible reversal candle pic.twitter.com/Zcf1WEtmZK
— Alexandros Yfantis (@alexanderYf) July 5, 2017
Now what?
(Click on image to enlarge)
The possible back test area is the previous highs around 460$ and the cloud support around 430-440$. It is not necessary to go there. We will remain focused on its price action and the form of the price movement and we will enter again as I believe it has much more room to the upside to go.
Coffee
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The important breakout above the previous lows area and above the Trend line and the Ichimoku cloud. Unfortunately, not the rise neither the decline look impulsive and it is difficult to map a possible path for the coming months.
Sugar
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Most probably in a wave 4 corrective pattern. Price remains below the Ichimoku cloud and the 23.6% Fibonacci retracement. As long as price holds above 13.70$ it can continue higher towards the 38% Fibonacci retracement level which is the usual spot for 4th waves.
This was just a small idea on what I see in the commodities sector….cocoa and soybean oil are my main focus currently but wheat always on my watch list.
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