One of the only commodities which has avoided being directly affected by the US Dollar’s performance in the forex markets is the Natural Gas futures. Because this market is dominated by both domestic production and consumption within the US, the typical relationship between gas and crude oil (still holding firm above $80 a barrel) has not materialized. Natural Gas is near contract lows for the year, and Autochartist has identified what may be an intermediate term low in the form of a Pennant chart pattern on the 30-minute time frame.

December Wheat futures started the week off with a modest reversal of Friday’s steep sell-off, finding steady support near $6.60 a bushel after falling nearly $1 a bushel from the recent highs. This descending trend has formed a very well organized Pennant chart pattern on the longer term 240-minute chart. Autochartist has identified a Breakout signal executing with the most recent candle shown below.

This title has two meanings; the AC is broken in my office which is brutal in Florida and the 5% swings in commodities only makes thing more interesting. Try to keep a Cool head! Crude oil has declined $6.50 in the last four sessions as of this post cutting through the 20 day MA like a hot knife through butter.

In this environment there is not such a thing. In my ten year career I’ve never seen so much volatility and uncertainty so be careful. Crude traded marginally lower today after Friday’s 3% loss. We expect the 20 day MA to give way at $84.60.

Amidst extremely high volatility in last week’s trade, the Silver market reached a selling climax after a break of more than $3 per ounce from the recent record highs. From a technical viewpoint, this swift drop culminated in a classic “Head and Shoulders” chart pattern, with the 15-minute time scale illustrating the formation on the Autochartist platform.