Every new year comes with an array of new possibilities, and the commodity markets are no different. In the brand-new December 2009 Monthly Futures Junctures, Elliott Wave International's Chief Commodity Analyst and long-time editor Jeffrey Kennedy tells you which markets to keep an eye on in the coming year. He also looks back at some of the most exciting and compelling wave patterns.
(11 Commodities, One Service: The December Monthly Futures Junctures offers the most comprehensive coverage of the world's largest commodity markets. Click to get started.)
Next is MFJ's "Wave Watch." Here Jeffrey provides two labeled snapshots per 11 markets -- each of which include clearly marked trendlines, up/downside objectives, support/resistance levels, and bold arrows pointing prices in their next likely direction. Off the top are these familiar favorites:
-
Sugar: The October 2009 MFJ "Feature" presented a groundbreaking study into the last four major tops in sugar's history, dating back to 1974, to determine whether the late September high fits the bill of a lasting peak. In MFJ's own words: "A move beyond critical resistance would imply the larger trend in sugar is still up."Now, with prices sweetening to a new, 30-year high, the December close-up steps in...
-
Cocoa: The August MFJ "Feature" wrote: "Until we see confirming price action, we can't rule out a further rally" above the 3200 level. Now, the December issue details reveal whether the uptrend has reached its end.
-
Orange Juice: This summer, prices circled the drain of multi-month lows with sour headlines abounding: "OJ GETS SQUEEZED." The June MFJ included a bullish price chart with a bold arrow pointed above the $1 level. The July publication showed the rally continuing even higher to above 110 before turning down in a sharp decline. Finally, the November MFJ stayed in front of the market moves by showing a third wave advance to beyond the previous high. Now what?
-
Corn: June MFJ wrote: "The advance that began in December is complete. This means that the stage is set for renewed selling that should push prices below the 2008 low. This is an intermediate tradable top." A 35% plunge followed to below the 2008 low. Next, the September MFJ saw the downturn coming to an end and suggested a rally was due to take prices back above the $4/bushel level. Are the grain's gains here to stay?
-
Lean Hogs: May MFJ wrote: "A highly reliable traditional technical chart pattern calls for continuing decline into the 47.00 area." Prices fulfilled that forecast, and then some, plunging to multi-year lows. Then at the August low MFJ saw things turning around. The August MFJ's chart drew a clear arrow pointing up in an extensive rally leg. Now, with hogs stalling near a three-month high, what's next?
And as an added New Year's treat, Jeffrey gives you part 1 of 2 of his Annual Fibonacci Support and Resistance Level Analysis. For the fourth year in a row, he looks back to see how well the January 2009 support and resistance levels predicted what prices would do the rest of the year.
In part 2 - coming in February - Jeffrey will explain how to identify the significant levels of support and resistance for 2010 - not just in commodities, but in any financial market - by analyzing Fibonacci multiples of January's trading range.
Believe it or not, that's just the beginning. Find out what else the New Year has in store for commodities by subscribing to the Futures Junctures Service today, absolutely risk-free. Click HERE to begin.