Friday, March 16, 2012

Commodities Charting Extravaganza! Gold, Silver, Oil, Gas Wheat, Corn and Many More

Bottom line, you need to know what is driving cost at the store and where those prices are likely headed. What's expensive and what's not? Look below to find out. (Oil, Gold and Silver are at the bottom)

Cocoa - So, why am I still like paying a gazillions dollars for my Snickers fix?

Cotton -

Coffee - Uh, SBUX did not get the memo.

Sugar -

Corn - Thank you clean energy!

Soybeans -

Wheat -

Oats -

Feeder Cattle - Beef is really expensive and the only thing that has not corrected or even thought about correcting. (Hogs are expensive too.)

Lumber - I find this chart very interesting given the housing implosion.

Gasoline - When was Obummer elected on this chart? I'm willing to bet this is where he chose to make his fortune.

Oil - Damn speculators!

Natural Gas - I told you so years ago where NG was going. STB's favorite economic indicator.

Gold - All I gotta say is just note the confluences near 1000 and 750. I still think gold is going to $5,000 or much more. There could be a massive shake out before then though when everything collapses.

You can see yellow channel support going back to '08 above and what price is sitting on here. The newer white channel is also support just below. A backtest of the busted green resistance may be needed before further upside. Very little support down to 1050 area.

Silver - Pay attention to that pink diagonal in the first chart and note its position in the second chart.

Back under LT pink resistance.

GL and GB!

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