Uncorrelated Trades In These Two Commodities

Let's start with Jeera, which is back at its 2016 lows at 13,000 as momentum diverges positively. After a nearly 30% decline since last July, this looks like a logical level for prices to find their footing and begin some mean reversion higher. We think it's worth a shot on the long side against 13,000, with upside targets near 16,000 and 17,750.

Click on chart to enlarge view. 

Crude Palm Oil has retraced slightly more than 61.8% of its July-January rally and is now attempting to gain its footing. A weekly close above 625 would confirm a successful breakout retest and signal further upside towards 785 in the coming weeks and months.

Patience remains best in the equity markets and the reward/risk potential in these two uncorrelated assets makes these great trades in the near-term as we wait for more opportunities to develop.

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Allstarcharts Team