Cocoa Rolling Over?
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.
May cocoa
(
CCK1 |
Quote |
Chart |
News |
PowerRating) looks poised to break down out of a high-level inverted
cup and handle formation. Look for a shorting opportunity here.
May pork bellies
(
PBK1 |
Quote |
Chart |
News |
PowerRating) appear to be stabilizing at higher levels. This
suggests their uptrend remains intact. Look for a buying opportunity here.
Although April lean hogs
(
LHJ1 |
Quote |
Chart |
News |
PowerRating) “head faked” to the upside,
they still look like they have the potential to rally out of a pullback. Look for
buying opportunities here but wait for follow through to the upside.
April live cattle
(
LCJ1 |
Quote |
Chart |
News |
PowerRating) look
like it has the potential to rally out of a deep pullback. Look for a buying
opportunity here, but, wait for follow through to the upside as it did close
poorly on Monday.
May copper
(
HGK1 |
Quote |
Chart |
News |
PowerRating), mentioned
recently, sold off but recovered to close well. This suggests its uptrend from
major lows remains intact. Look for a buying opportunity here.
Best of luck with
your trading on Tuesday!
face=”Arial, Helvetica”>Dave Landry
P.S. Reminder:
Protective stops on every trade!