Thursday, October 13, 2011

Chartology: Ag Commodities

Corn futures at $6.33, wheat $6.25.
From Dragonfly Capital:

Commodities Ready to Move Back Higher
Commodities have been moving lower but they look to be at a spot where that drop may be over and a reversal in store. Could this be a sign of inflation about to creep back up? Perhaps that is part of the Treasury bond yield back up that could be confusing the moves on Treasuries for a risk on sell off. Or maybe these are just fake out moves, since the Simple Moving Averages (SMA’s) are starting to roll lower and cross....

Corn, $ZC_F, printed a doji last week and is confirming it higher this week. It held support at the 590 trend line and has a RSI that is moving higher and a MACD that is improving....