Sunday Night Charts for 2/13/05

Tonight I want to focus on commodity charts. Though my long term view is that of a commidiites bull, I have been a bit of a Nervous Nellie lately, wondering if the bull might be faltering.
First lets look at the weekly chart of the CRB.


courtesy of stockcharts.com

Yeah, its cracked the uptrend line, and rose back to meet it underneath. Its crunch time--will it bounce off the uptrend line and head down, to confirm breaking it, and will it rise above the uptrend line again, making this just a fake-out uptrend violation? Tune in next week--at any rate, I wouldn't commit big bucks in new money either way.

Next let's look at the weekly chart of GOLD

courtesy of stockcharts.com
As many times before, nice bounce off the uptrend line--the technicals say perhaps a good buying opportunity in the yellow metal.

Now let's look at OIL -- West Texas Intermediate Crude

courtesy of stockcharts.com
Bit of a pullback, but still solidly in an uptrend. Don't fight black gold.

Finally lets look at CME weekly chart.

courtesy of stockcharts.com
Bit of a scare there, but the long-term uptrend is still in place.
My conclusion--don't sell commodities yet, and at least in the case of gold and oil, this may be a buying opportunity.

Remember the Alamo--and the disclaimer.