Commodities continue to strengthen across the board. Over 60% of the commodity tracking ETFs below are now in a Stage 1 base or a Stage 2 uptrend. Precious metals have gold, silver, and platinum all in Stage 1 bases while palladium is in a Stage 2 uptrend.
Soft commodities have been one of the weaker parts of the commodities complex, but check out what happened to some of the soft commodity tracking ETFs in February. The corn ETF had a massive increase in volume for the month and has formed a monthly swing low.
Sugar formed a monthly swing low and also had a big increase in volume.
If sugar, corn, and wheat continue to rally in March, almost the entire commodities complex will be in a bull market. There’s still a lot of disinterest in this space as well which is the ideal setup for a new bull market to form.
Disclaimer: The views and opinions expressed are for informational purposes only, and should not be considered as investment advice. Please see the disclaimer.