This post is going to update some key levels in the Commodities we've been watching/participating in.

This post is a continuation of this week's Mystery Chart Reveal in which we discuss many of the big bases forming in the Energy sector.

Last week we wrote a post for our US subscribers to highlight several "big bases" that we are watching for potential breakouts.

The principles surrounding why we like "big bases" can be applied to Indian stocks as well, so we wanted to write a quick post outlining our logic and providing examples that may become actionable in the near future.

Today's "Chart of The Week" discussed the breakout in USD/INR, so we want to use this post to update our views on a few Commodities on the move. 

There's a lot going on in the world right now, and India specifically, but one positive to come out of all this mess is we may be seeing a more clear trend develop in USD/INR.

Let's take a look at what's happening.

Today we're going to look at July's monthly charts and identify the changes worth noting.

Tuesday's Mystery Chart received a lot of responses, with most of you were erring on the long side.

Now, let's look at the chart and its related theme.

Here's SBI Life Insurance Company Ltd. attempting to break out above its post-IPO base while the more traditional "banking stocks" are being hit hard. Sure the price action is a bit choppy, but it's not going down like many other stocks in the sector and market.

Click on chart to enlarge view.

The reason this chart stood out to us is that the relative strength is obvious and suggests that these stocks will lead to the upside once the market gains its footing. As long as prices are above their recent lows of 732, the bias is to the upside towards 952.

Selling continues and now many broader market and sector indices are at or below support, so in this post, we'll look at some of those charts and assess the damage that's been done.

Last week we outlined two Commodities that were ready to bounce and they're off to a great start.

Today we want to turn our focus to Base Metals, where one Commodity looks ready to reverse to the upside.

While updating this Chartbooks this weekend there were a few stocks that we've spoken about in the past, but I wanted to follow up on given they're near actionable levels.

Several shorts, a few longs, and one to keep on your radar.

Let's take a look.