Five charts, five setups. Here's what moved this week.
Third time's the charm — KC HRW cleared a two-year base on the weekly chart. Trent's take: the longer the base, the higher into space.
Canola is on its third crack at the 844-850-855 resistance zone. A break above 855 opens the door toward 900 — but this could also be a good spot to take some risk off the table.
The Durum-HRS spread bounced off support almost exactly as expected back in April. It's trading below the long-term trendline but at a historically low level — a setup reversion-to-the-mean traders will want to watch.
WTI looks poised to move higher from 84.65, with 88-90 the next level of interest. ULSD is lining up a similar setup — a weekly close above 4.60 would signal significantly higher prices ahead.
A Manitoba reader asked about soybeans, and the chart shows old support turned resistance in the 1200-1270 range. Trent likes the setup but wants to see it clear 1270 before getting excited.
That's the week. See you in the next one.


