DBC, Commodity ETF, is now in defined range with bearish bias prevailing. I like most commodity ETF stocks for possible short trade. Only one – agricultural commodity ETF – is bullish for me. Technical analysis now agree with my Global Macro opinion about commodities.
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They are bullish and show relative strength to US stock markets. I monitor especially ETFs like ECH, EWM and IF for possible entry in my technical strategies. These ETFs are also in accordance with my Global Macro ideas.
I did my analysis for technical trading strategies for my fund and noticed that commodity ETF stocks turned bearish. They have broken support levels and are now poised for further declines. Here are some chart examples :
The only commodity ETF I watch for long now in my ETF Trading strategies is DBA – agriculture ETF stock
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RBCN made nice breakout. I am now waiting for pullback to the 30 +/- level to enter new long trade there.
I mentioned SRCL few days ago. It managed nice breakout above 60 level. If you missed entry or prefer to wait if breakout will hold, then wait for possible pullback back to 60 level.
I published latest issue of my free newsletter “Stock trading tips and ETF trading ideas“.
I have finished reading of Market Wizards book . Really good reading. I like thought of Paul Tudor Jones and few others about trading and what is important. I made several notes and will publish them on my site soon.
I think this book is “must have” for every serious trader or investor.
I am not too bullish on markets right now. But some stock are worth of watching. SRCL is strong stock now. Watch possible pullback or breakout above 60 USD resistance area.
