Update - of the regular weekly charts I do most weekends. All four charts have seen price pull back towards their previous breakout lines to various extents, which is a reflection of what commodities did generally this week.
The depth and duration of the price action as it tests these levels may offer some insight into the underlying strength or weakness in these individual markets.
In particular look for the amount of downside follow through that emerges, and the associated volumes in response.
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.. Glencore Weekly - which has been my proxy chart for commodities generally, for more than a year.
This last week has seen price pull back towards the previous breakout line quite sharply.
I expect price will be defended around this level to a reasonable extent, so an attempt at a supportive bar is quite likely.
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.. LIT Weekly - (Lithium ETF) saw price pull back somewhat on increased volume.
Interestingly price closed the week within the previous bar's range, and the close was about the middle of the bar, so while price continues to grind back slowly towards the previous breakout line, there remains enough demand in the market to make this pullback somewhat difficult. It may be that price is just coming back in sympathy with commodities generally at this point, but that remains to be seen.
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.. REMX Weekly - (Rare Earth ETF).
This last week saw price accelerate lower with an increasing spread. Volume remained higher than average, although a little reduced over the previous weeks volumes. Price is now back to the previous breakout lines, where some supportive buying may begin to be found.
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This week I have switched from the Uranium futures chart, to the Uranium ETF - URA Weekly, as it is much more clear to read.
The recent increases in volume are quite apparent, and the two bars in particular which drew out substantial supply (selling pressure) are arrowed. It is not clear whether this supply has primarily come from the left (stale supply getting out), from below (profit taking), or is speculative (short positions). But in response to that serious supply, price pulled back, and this week has dipped below the previous breakout line, and saw volume reduce and spread narrow, which suggests there is some relative safety below that line. This coming weeks bar is quite important now, in particular it may offer an insight into the potential depth of this pullback.
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(20min delay)