Author: ChasW

Metals

#copperfutures #goldfutures #silverfutures

COPPER_ HGN26, MHGN26

Weekly – In the October 2025 uptrend. Trade pressures remain up. Volumes are bullish.

Daily –Long. In the move up from 6.35 on 5/22. Trade pressures are up.  Volumes remain bearish.

The next target up is 6.59.  The expected overbought levels decline to 6.68.

A close below 6.26 would signal lower. The expected oversold levels rise to 6.15.

[OB/OS channel is narrowing.] Trending, tight stops.

[5-23-26: Set the SL at 6.34.] [5-27-26: SL met.]

 

GOLD_ GCM26, MGCM26

Weekly – In the December 2023 uptrend, still near support.  Trade pressures remain down. Volumes remain bearish.

Daily – Long. In the move up from 4535 on 5/24. Trade pressures are up.  Volumes remain bearish.

The next target up is 4591. The expected overbought level declines to 4645.

A close below 4509 would signal lower. The expected oversold level declines to 4413.

[OB/OS channel is declining.]  GVX declines to 23.80 – remaining in the investable zone.

[5-24-26: Set the SL at 4532.]
[5-26-26: Sold for a loss at SL 4532.]

 

SILVER_ SIN26

Weekly – In the December 2023 uptrend. Trade pressures are down.  Volumes are neutral.

Daily – Long. New move up from 78.04 on 5/24. Trade pressures are up.  Volumes are neutral.

The next target up is 82.74.  Overbought levels decline to 79.70.

A close below 76.72 would signal lower. The oversold levels decline to 66.20

[OB/OS channel is declining.]

[5-24-26: Set the SL at 77.83.] [5-25-26: Stopped out for a loss at 77.83.]

 

Navellier Top 5 Stocks for June

The following is provided by Navellier with technical comment from South Ocean Management – pls do your own due diligence.
https://navelliergrowth.investorplace.com/

High-Growth Investments

Cenovus Energy, Inc.

Cenovus Energy, Inc. (CVE) was a new addition in the May Monthly Issue. You may recall that the company is a leading natural gas producer and refiner in Canada, with oil sands projects, thermal and conventional oil and gas operations, offshore oil production and offshore gas and liquefied natural gas (LNG) production.

And the Middle East chaos is adding directly to its top and bottom lines. In the first quarter, Cenovus Energy reported that upstream production rose 19% year-over-year to 972,100 barrels of oil equivalent per day, setting a new record for the company. Offshore production grew 6% quarter-over-quarter to 75,400 barrels of oil equivalent per day.

First-quarter earnings increased 82.8% year-over-year to $1.57 billion, or $0.83 per share, and total revenue rose 13.8% year-over-year to $12.4 billion. The consensus estimate called for earnings of $0.55 per share on $13.73 billion in revenue.

Over the past three months, analysts have upped earnings estimates by a whopping 506.7%. Second-quarter earnings are now forecast to surge 264% year-over-year to $0.91 per share. As you know, positive analyst revisions typically precede future earnings surprises. CVE is a Conservative buy below $32.

SOM Technicals:

5-23-26: Closed at 30.05. Trade pressure are down. Volumes are bearish. The next target down is 28.95. 31.12 would signal higher.

5-30-26: Closed at 27.91. Trade pressures are down. Volumes are bearish. The next target down is 27.02. 28.69 would signal higher.

6-6-26: Closed at 28.50. Trade pressure are down. Volumes are bearish. The next target down is 27.02. 30.26 would signal higher.

6-13-26: Closed at 28.27. Trade pressures are down into the neutral zone. Volumes are bearish. The next target down is 27.96. 29.08 would signal higher.

6-19-26: Closed at 25.16. Trade pressures are down. Volumes remain bearish. The next target down is 24.23.  26.65 would signal higher.

 

Ciena Corporation

Ciena Corporation (CIEN) continues to benefit from the AI Revolution as a leader in connectivity, providing optical networking systems and software that support increasing bandwidth demand and help its customers thrive in the AI economy. Strong demand for its solutions likely added handsomely to its top and bottom lines in the most recent quarter.

Ciena is scheduled to release results for its second quarter in fiscal year 2026 on June 4. Second-quarter earnings are forecast to soar 247.6% year-over-year to $1.46 per share. Analysts have also increased earnings estimates over the past three months, which bodes well for a fourth-straight quarterly earnings surprise.

Second-quarter revenue is expected to grow 33.3% year-over-year to $1.5 billion. CIEN is a Moderately Aggressive buy below $685.

SOM Technicals:

3-27-26: Closed at 399.50. Trade pressures are down. Volumes are bearish. The next target down is 362.38. Bullish above 410.00.

4-11-26: Closed at 496.02. Trade pressures are up. Volumes are bullish. The next target up is the prior high at 513.49. 467.61 is bearish.

4-18-26: Closed at 507.43. Trade pressures are up. Volumes are bullish. the next target up is 541.07. 434.81 is bearish.

4-24-26: Closed at 520.80. Trade pressures are up off the neutral zone. volumes are bullish. The next target up is 531.76. 485.16 is bearish.

5-1-26: Closed at 535.02. Trade pressures are up. Volumes are bullish. The next target up is 585.50. 475.00 is bearish.

5-8-26: Closed at 550.68. Trade pressures are down into the neutral zone. Volumes are neutral. The next target down is 486.75. 579.05 would signal bullish.

5-18-26: Price at 525.89. Trade pressures are down. Volumes are bearish. The next target down is 511.33. 566 would signal higher.

5-23-26: Closed at 580.89. Trade pressures are up. Volumes are bullish. The next target up is 599.17.

5-30-26: Closed at 578.19. Trade pressures are down. Volumes are bullish. The next target up is 598.18. 542.57 would signal lower.

6-6-26: Closed at 476.01. Trade pressures are down. Volumes are bearish. The next target down is 475.90. 541.38 would signal higher.

6-13-26: Closed at 449.81. Trade pressures are down bur rising. Volumes remain bearish. The next target down is 426.31. 468.26 would signal higher.

6-19-26: Closed at 429.21. Trade pressures are down into the neutral zone. Volumes remain bearish. The next target down is 369.43. 458.25 would signal higher.

 

Coherent Corp.

Coherent Corp. (COHR) continues to capitalize on one of the most fundamental problems in the AI data center boom: moving data at the speed light demands. The company’s laser systems, transceivers and precision optics replace electrical signals with light – and with AI clusters pushing data volumes to new extremes, demand for Coherent’s photonics solutions has never been stronger.

For its third quarter in fiscal year 2026, Coherent achieved total revenue of $1.81 billion and earnings of $1.41 per share. That represented 21% year-over-year revenue growth and 55% year-over-year earnings growth. The consensus estimate called for earnings of $1.39 per share and revenue of $1.78 billion.

Following the better-than-expected quarterly results, analysts increased fourth-quarter earnings estimates in the past month. Earnings are now forecast to jump 62% year-over-year to $1.62 per share. Revenue is expected to grow 29.4% year-over-year to $1.98 billion. COHR is a Moderately Aggressive buy below $430.

SOM Technicals:

4-24-26: Closed at 336.09. Trade pressures are down into the neutral zone. Volumes are bearish. The next target down is 322.48. 343.64 is bullish.

5-1-26: Closed at 333.20. Trade pressures are up. Volumes are neutral. The next target up is 328.31. 309.35 is bearish.

5-8-26: Closed at 333.67. Trade pressures are down. Volumes are bullish. The next target down is 303.24. 359.56 signals higher.

5-18-26: Price at 359.24. Trade pressures are down. Volumes are bearish. The next target down is 339.20. 385 would signal higher.

5-23-26: Closed at 376.09. Trade pressures are up. Volumes are bearish. The next target up is 402.66. 358.03 would signal lower.

5-30-26: Closed at 368.35. Trade pressures are down. Volumes are bullish. The next target down is 339.20. 383.55 would signal higher.

6-6-26: Closed at 369.90. Trade pressures are down. Volumes are bearish. The next target down is 363.70. 401.70 would signal higher.

6-13-26: Closed at 386.00. Trade pressures are up. Volumes are now neutral. The next target up is 399.32. 375.26 would signal lower.

6-19-26: Closed at 393.98. Trade pressures are down but rising. Volumes are bullish. The next target up is 404.73. 372.62 would signal lower.

 

Comfort Systems USA, Inc.

Comfort Systems USA, Inc. (FIX) remains one of the best ways to benefit from the data center boom. The company provides electrical, mechanical and plumbing systems – primarily installing and maintaining HVAC and electrical systems, plumbing and piping that are vital to new data center builds and other industrial and commercial buildings.

And its backlog tells the story. Comfort Systems reported that its backlog nearly doubled in 2025 to $11.94 billion. So, its earnings and sales momentum will continue to accelerate in the coming months as it fills these orders.

For the second quarter in fiscal year 2026, analysts expect earnings of $10.38 per share and total revenue of $2.99 billion. That represents 59% year-over-year earnings growth and 37.4% year-over-year revenue growth. Analysts have also upped earnings estimates by 29.3% in the past three months, so another quarterly earnings surprise is likely. FIX is a Conservative buy below $2,080.

SOM Technicals:

3-27-26: Closed at 1365.37. Trade pressures are down. Volumes are bearish. The next target down is 1329.03. Bullish above 1411.

4-11-26: Closed at 1592.84. Trade pressures are up. Volumes are bullish. The next target up is 1635.41. 1529.09 is bearish.

4-18-26: Closed at 1650.47. Trade pressures are up but turning down. Volumes are bullish. The next target up is 1660.37. 1534.57 is bearish.

4-24-26: Closed at 1720.50. Trade pressures are up but declining. Volumes are bearish. The next target down is 1681.06. 1767 is bullish.

5-1-26: Closed at 1867.02. Trade pressures are up. Volumes are bullish. The next target up is 1981.40. 1768 is bearish.

5-8-26: Closed at 1952.37. Trade pressures are up. Volumes are bullish. The next target up is 2022.33. 1917 signals lower.

5-18-26: Price is 1849.80. Trade pressures are down. Volumes are bearish. The next target down is 1833.53. 2037 would signal higher.

5-23-26: Closed at 1828.25. Trade pressures are down, but rising. Volumes are bearish. The next target down is 1656.66. 1903.31 would signal higher.

5-30-26: Closed at 1820.18. Trade pressures are down. Volumes are bearish. The next target down is 1700.64. 1914.24 would signal higher.

6-6-26: Closed at 1828.43. Trade pressures are down. Volumes remain bullish. The next target down is 1692.59. 1955.71 would signal higher.

6-13-26: Closed at 1882.00. Trade pressures are up. Volumes are now neutral. The next target up is 1926.72. 1826.80 would signal lower.

6-19-26: Closed at 1967.41. Trade pressures are up. Volumes are bullish. The next target up is 1993. 1938 would signal lower.

 

Seagate Technology Holdings plc

Every AI model, every data center query, every machine learning run produces data that has to live somewhere. Seagate Technology Holdings plc (STX) builds the hard drives that store it. The company is a global leader in storage with more than four zettabytes of capacity across the cloud, the edge and endpoint devices.

So, it’s not too surprising that demand for its hard drives remains strong.

During its third quarter in fiscal year 2026, revenue increased 44.1% year-over-year to $3.11 billion, while earnings soared 129.5% year-over-year to $934 million, or $4.10 per share. The consensus estimate called for earnings of $3.50 per share on $2.96 billion in revenue, so Seagate Technology posted a 17.1% earnings surprise and a 5% revenue surprise.

In the wake of the robust third-quarter results, analysts have increased fourth-quarter earnings estimates by 30% in the past month. Fourth-quarter earnings are now forecast to rise 95.4% year-over-year to $5.06 per share, compared to $2.59 per share in the same quarter a year ago. Revenue is expected to grow 42.3% year-over-year to $3.48 billion. STX is a Moderately Aggressive buy below $1,006.

SOM Technicals:

12-20-25: Closed at 300.01. Trade pressures are up. Volumes are neutral. The next target up is 312.94.

12-26-25: Closed at 286.22. Trade pressures are uup. Volumes are neutral. The next target down is 278.82.

1-2-26: Closed at 288.10. Trade pressures are up. Volumes are bullish. The next target up is 294.35.

1-10-26: Closed at 304.48. Trade pressures are down, but rising. Volumes are bullish. The next target up is 310.73.

1-24-26: Closed at 346.10. Trade pressures are up. Volumes are up. The next target up is 351.06.

1-30-26: Closed at 403.00. Trade pressures are up but declining. Volumes are neutral. The next target down is 379.01.

2-7-26: Closed at 427.90. Trade pressures are down into the neutral zone. Volumes are neutral. The next target up is 468.32.

2-14-26: Closed at 423.00. Trade pressures are up. Volumes are neutral. The next target up is 447.54.

2-20-26: Closed at 411.15. Trade pressures are down. Volumes are neutral. The next target down is 381.01.

3-27-26: Closed at 377. Trade pressures are down. Volumes are bearish. The next target down is 367.16. Bullish above 402.41.

4-11-26: Closed at 503.70. Trade pressures are up. Volumes are bearish. The next target up is 516.11. 484.45 is bearish.

4-18-26: Closed at 547.75. Trade pressures are up. Volumes are bullish. The next target up is 587.19. 531.19 is bearish.

4-24-26: Closed at 586.88. Trade pressures are up. Volumes are  bullish. The next target up is 614.00. 563.96 is bearish.

5-1-26: Closed at 727.29. Trade pressures are up. Volumes are bullish. The next target up is 738.65. 643.61 is bearish.

5-8-26: Closed at 782.35. Trade pressures are up. Volumes are bullish. The next target up is 810.11. 729.98 would signal lower.

5-18-26: Price is 735.26. Trade pressures are down. Volumes are bearish. The next target down is 699.42. 799 would signal higher.

5-23-26: Closed at 810.00. Trade pressures are up. Volumes are bullish. The next target up is 817.61. 771.37 would signal lower.

5-30-26: Closed at 879.00. Trade pressures are up. Volumes are bullish. The next target up is 905.39. 844.76 would signal lower.

6-6-26: Closed at 833.00. Trade pressures are down. Volumes are bearish. The next target down is 828.65. 962.11 would signal higher.

6-13-26: Closed at 936.13. Trade pressures are up. Volumes are now bullish. The next target up is 969.76. 861.10 would signal lower.

6-19-26: Closed at 1076. Trade pressures are up. Volumes are now bearish. The next target down is 980. 1103 would signal higher.

S&P 500 Futures

#emini #spfutures #SP500 #ES, #MES

Market Summary:

Copper sells of after a run to 6.70. Gold and silver both lower.

Crude now higher.  Natural Gas attempts another breakout at 3.00.

The US 30yr Treasury lower as the 10yr yield rises.
The 10yr yields rise to 4.58%.
The expected overbought level for the 10yr yield rises to 4.62%.

The US Dollar – Higher with rates.

_________________

S&P 500 Futures   #ESM26, #MESM26

Monthly –Monthly bar recovers and is making new ATH’s. Trade pressures remain up, still declining. Volumes closed the month of April as bullish.  The 7540 price is the adjusted high.  The next target up is 7615. A close below 7229 would confirm any weekly move lower.

Weekly – The weekly bar higher off the Oct 31 resistance line which now becomes support.  Trade pressures remain up. Volumes remain bullish.  The next target up is 7615. A close below 7365 would confirm any daily move lower.

Daily – Flat.  Price reaches 7540 on 5/14. Now turning down to test the 7355 daily short entry. Trade pressures are down,  Volumes are bearish.

Short from the 2hr short entry at 7441. The next target down is 7342.  The expected oversold level rises to 7294.

A close above 7468 would signal higher.  The expected overbought level rises to 7525.

[OB/OS trend is rising.]
The VIX closes below 19 at 16.98 indicating market is investable.
The Hedgeye.com VIX risk range is 16.59 – 19.49.

[5-18-26: Set the SL for the move down at 7473.]

__________________

Navellier Top 5 Stocks – This Top 5 model portfolio begins each year at $100,000. The Top 5 Growth stocks are tracked throughout each year. This portfolio is reset to start at $100,000 for the 2026 year.

These Navellier Top 5 portfolio stocks closed:
Down 35% for the 2022 Year.
    Up 17% for the 2023 Year.
    Up 42% for the 2024 Year.
    Up 48% for the 2025 Year

Portfolio stock values for 2026. 
The portfolio value down for the week, at $158,000.
The Year-to-Date portfolio performance is up 58%.

The GDP nowcast has rising growth projected thru July, then slowing. This “up 61%” needs to be protected/taken in this time frame.

The S&P 500 YTD return is 8.22%

US$$

#usdollarfutures #ustreasurybondfutures

USD_ DXM26

Weekly –  In the March 2026 uptrend. Trade pressures are up. Volumes are bullish.

Daily – Long. In the move up from the 98.07 breakout on 5/12. Trade pressures are up.  Volumes are bullish.

The next target up is 99.44. The expected overbought level rises to 99.45.

The next target down remains 97.20. The expected oversold levels rise to 98.43.

[The OB/OS channel is rising.]

 

US30YR T-BOND_ USM26

Weekly – In the March 2026 downtrend.  Trade pressures are down.  Volumes remain bearish.

Daily  – Flat. In a second move up off the 112-00 lows. Trade pressures are up.  Volumes are bullish.

The next target down is 113-03. Oversold levels decline to 110-13.

A close above 113-28 would signal higher. Overbought levels decline to 113-14.

[The OB/OS channel is declining.]

10yr yields rise to 4.58%. off the 4.42% OS.

Oil & Gas

#crudeoilfutures #naturalgasfutures

CRUDE_ CLM26

Weekly – In the January 2026 uptrend. Trade pressures remain up, but declining to near neutral. Volumes remain bearish.

Daily – Flat. Short trade stopped out at the 97.05 level. Now in the move up from 97.27 on 5/14. Trade pressures are up.  Volumes remain bullish.

The next target up is 104.53. The expected overbought levels rises to 108.64.

A close below 99.21 would signal lower. The expected oversold level rises to 98.96.

[OB/OS channel is rising.] expect increasing volatility.
OVX (oil volatility) holding at 73; still high.

(One of the larger components in the measure of inflation.The Hedgeye.com inflation nowcast now expects inflation rising in the 2nd thru the 4th quarters of 2026.)

[5-18-26: Lesson: Don’t trade against the channel direction.] [Set the SL at 100.54]

 

NAT GAS_ NGM26

Weekly – In the January 2025 uptrend. Trade pressures are now up.  Volumes are now neutral.

Daily – Flat, Breaking out of the January bull flag at 2.99 on 5/18.  Trade pressures are up.  Volumes are bullish.

The target at 3.06 is providing resistance. The expected overbought level rises to 3.14.

A close below 2.73 would signal lower.  The expected oversold level rises to 2.82.

[OB/OS channel is rising.]
Natural gas is produced with oil production. Natural gas production as a ratio of oil production has been rising, amounting to 47% of the permian basin oil production in 2024.

[5-18-26: Set a SL at 2.96.]

Metals

#copperfutures #goldfutures #silverfutures

COPPER_ HGN26, MHGN26

Weekly – In the October 2025 uptrend. Trade pressures remain up, but declining. Volumes are now bearish..

Daily – Short. In the move down from 6.35. Trade pressures are down.  Volumes are bearish.

The next target down is 6.02. The expected oversold levels rise to 6.10.

A close above 6.35 would signal higher. The expected overbought levels rise to 6.69.

[OB/OS channel is rising.]

[5-18-26: Set the SL at 6.35.]

 

GOLD_ GCM26, MGCM26

Weekly – In the December 2023 uptrend, still near support.  Trade pressures remain down. Volumes remain bearish.

Daily – Flat. Trade stopped out at 4659. Trade pressures are down.  Volumes are now bearish.

The next target down is 4449. The expected oversold level declines to 4524.

A close above 4606 would signal higher. The expected overbought level declines to 4688.

[OB/OS channel is declining.]  GVX holding near 26.40 – remaining in the investable zone.

 

SILVER_ SIN26

Weekly – In the December 2023 uptrend. Trade pressures are down.  Volumes are bearish.

Daily – Flat. Silver rallied to 90; then turned lower with a break below 85. Trade pressures are down.  Volumes are now bearish.

Basing at the 75 level.  The oversold levels rise to 77.

A close above 79 would signal higher.  Overbought levels rise to 96.

[OB/OS channel is rising.]

[5-18-26: Nearing the lower channel boundary.]

S&P 500 Futures

#emini #spfutures #SP500 #ES, #MES

Market Summary:

Copper breaks out and powers higher on demand and inflation. Gold late week rally stalls at resistance. GVX in the mid 20’s, allowing risk.

Crude continues lower.  Natural Gas attempts another breakout but turns lower once again into the weekend.

The US 30yr Treasury rises as the 10yr yield declines.
The 10yr yields decline to 4.35%. Quickly OS, as the OB/OS range is narrow.
The expected overbought level for the 10yr yield rises to 4.47%.

The US Dollar – Lower pressures remain; continuing lower.

_________________

S&P 500 Futures   #ESM26, #MESM26

Monthly –Monthly bar recovers and is making new ATH’s. Trade pressures remain up, still declining. Volumes closed the month of April as bullish.  The 7427 price is the adjusted high.  The next target up is 7615. A close below 7117 would confirm any weekly move lower.

Weekly – The weekly bar higher off the Oct 31 resistance line which now becomes support.  Trade pressures remain up. Volumes remain bullish.  The next target up is 7615. A close below 7253 would confirm any daily move lower.

Daily – Flat.  Continues in the move up from the 6893 long entry on 4/13. Trade pressures remain up, declining. Volumes remain bullish.

The next target up is 7425, still above the OB level.  The expected overbought level rises to 7399.

A close below 7329 would signal lower. The expected oversold level rises to 7224.

[OB/OS trend is rising.]
The VIX closes below 19 at 16.98 indicating market is investable.
The Hedgeye.com VIX risk range is 16.14 – 19.38.

__________________

Navellier Top 5 Stocks – This Top 5 model portfolio begins each year at $100,000. The Top 5 Growth stocks are tracked throughout each year. This portfolio is reset to start at $100,000 for the 2026 year.

These Navellier Top 5 portfolio stocks closed:
Down 35% for the 2022 Year.
    Up 17% for the 2023 Year.
    Up 42% for the 2024 Year.
    Up 48% for the 2025 Year

Portfolio stock values for 2026. 
The portfolio value higher for the week, at $161,000.
The Year-to-Date portfolio performance is up 61%.

The GDP nowcast has rising growth projected thru July, then slowing. This “up 61%” needs to be protected/taken in this time frame.

The S&P 500 YTD return is 7.18%

US$$

#usdollarfutures #ustreasurybondfutures

USD_ DXM26

Weekly –  In the March 2026 uptrend. Trade pressures remain down. Volumes remain bearish.

Daily – Flat. Consolidating. Trade pressures remain down.  Volumes remain bearish.

The next target down remains 97.20. The expected oversold levels decline to 97.48.

A close above 98.07 would signal higher  The expected overbought level declines to 98.54.

[The OB/OS channel is declining.]

Inflation worries drive rate concerns higher.

 

US30YR T-BOND_ USM26

Weekly – In the new March 2026 downtrend.  Trade pressures are down.  Volumes remain bearish.

Daily  – Flat. In a second move up off the 112-00 lows. Trade pressures are up.  Volumes are bullish.

The next target down is 113-03. Oversold levels decline to 111-13.

A close above 113-28 would signal higher. Overbought levels decline to 114-19.

[The OB/OS channel is declining.]

10yr yields decline to 4.35%. and near the 4.32% OS.
[OS suggest a rate rise. So, no trade.]

Oil & Gas

#crudeoilfutures #naturalgasfutures

CRUDE_ CLM26

Weekly – In the January 2026 uptrend. Trade pressures remain up, but declining to near neutral. Volumes are are now bearish.

Daily – Short. Rallied to resistance. In the mve down from 102.82 on 5/5. Trade pressures down.  Volumes are now bullish.

The next target down is 93.58, which is also support. The expected oversold level declines to 91.01.

A close above 97.92 would signal higher. The expected overbought levels declines to 107.88.

[OB/OS channel is rising.] expect increasing volatility.
OVX (oil volatility) holding at 72; still high.

(One of the larger components in the measure of inflation.The Hedgeye.com inflation nowcast now expects inflation rising in the 2nd thru the 4th quarters of 2026.)

[5-8-26: Set the SL at 97.05.]

 

NAT GAS_ NGM26

Weekly – In the January 2025 uptrend. Trade pressures remain down.  Volumes remain bearish.

Daily – Flat, The move up started at 2.67. Back-tested the entry on 5/7, then higher again. Trade pressures are up.  Volumes are bearish.

The next target up is 2.85 resistance. The expected overbought level rises to 2.91.

A close below 2.73 would signal lower.  The expected oversold level rises to 2.61.

[OB/OS channel is rising.]
Natural gas is produced with oil production. Natural gas production as a ratio of oil production has been rising, amounting to 47% of the permian basin oil production in 2024. Currently an overproduction of gas and diesel has created a natural gas glut; driving prices down.

[5-8-26: Set a SL at 2.73.]

Metals

#copperfutures #goldfutures #silverfutures

COPPER_ HGN26, MHGN26

Weekly – In the October 2025 uptrend. Trade pressures remain up, but declining. Volumes remain neutral.

Daily – Flat. The move up from 6.03 on 5/1 takes price to 6.28. Trade pressures are up.  Volumes are bullish.

The next target up is 6.34. The expected overbought levels rise to 6.33.

A close below 6.19 would signal lower. The expected oversold levels rise to 5.92.

[OB/OS channel is rising.]

[5-8-26: Missed this one.]

 

GOLD_ GCM26, MGCM26

Weekly – In the December 2023 uptrend, still near support.  Trade pressures remain down. Volumes remain bearish.

Daily – Long. Price moved below 4549 then turned higher. In the move up from 4639 on 5/5. Trade pressures are up.  Volumes are now bullish.

The next target up is 4822. The expected overbought level rises to 4768.

A close below 4670 would signal lower. The expected oversold level declines to 4551.

[OB/OS channel is widening.]  GVX hold near 26.40 – remaining in the investable zone.

[5-8-26: Set the SL at 4659.]

 

SILVER_ SIN26

Weekly – In the December 2023 uptrend. Trade pressures are down into the neutral zone.  Volumes remain neutral.

Daily – Flat. After a retest of the breakout trendline, Silver moved higher on news.  Trade pressures remain up.  Volumes are now bullish.

The next target up is 84.86. Overbought levels rise to 82.9.

A close below 72.68 would signal lower. The oversold levels rise to 70.2.

[OB/OS channel is rising.]

[5-8-26: Nearing the upper channel boundary. Trim,Take profits.]