NGN9 Gapped Lower But Hooked Up
Each evening we focus on the most interesting aspects for the upcoming trading day. The comments are based on observations of the nightly updates of the Futures and Market Bias pages. They are provided for educational purposes only and are not intended to be direct trading advice. Also, keep in mind that these remarks are made up to 12 hours in advance of the markets opening. Therefore, overnight events may alter the outcome of these observations.
July Natural Gas [NGN9>NGN9], on the Pullbacks From Highs List, gapped lower on today’s open (a) but “hooked up†(rallied from a gap lower, giving the appearance of a hook on the chart) and closed well (b). Look for a buying opportunity here.
Source: Omega Research.
July Coffee [KCN9>KCN9], on Implosion List 5 List, is consolidating after its recent free-fall from highs. Look for a shorting opportunity here.
Cocoa [CCN9>CCN9], on the Momentum 5 List, closed well today and appears poised to pivot back in the direction of its breakout from major lows. Look for a buying opportunity here.
July Sugar [SBN9>SBN9], on the Pullbacks From Highs List, closed well today and appears poised to break out of its recent consolidation. Look for a buying opportunity here.
Volatity Watch
July Copper [HGN9>HGN9] is now on the Volatility Explosions-Multiple Days List. Continue to watch for a large move (in either direction) as volatility reverts back to is mean.
Best of luck with your trading on Monday!
Dave Landry
PS-Reminder: Protective stops on every trade!