Cocoa To Resume Long Term Downtrend?
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
market’s opening. Therefore, overnight events may alter the
outcome of these observations.
For you breakout players, January feeder cattle
(
FCF1 |
Quote |
Chart |
News |
PowerRating) broke to new
highs on an expansion of range on Monday. Look for a buying opportunity here, or
better yet, wait for the next pullback.
March cocoa
(
CCH1 |
Quote |
Chart |
News |
PowerRating) continues to retrace from lows. Continue
to look for a shorting opportunity here but wait for follow-through to the
downside as it did close up on Monday.
face=”Arial, Helvetica”>
March sugar
(
SBH1 |
Quote |
Chart |
News |
PowerRating) has begun to rally out of its first pullback since
its rally from lows. Look for a buying opportunity here.
Looking Ahead
Bonds
are in pullback mode and may set up as a buy over the next few days.
The crude
complex has begun to meltdown and may offer shorting opportunities on the first
pullback from lows.
Best of luck with
your trading on Tuesday!
face=”Arial, Helvetica”>Dave Landry
P.S. Reminder:
Protective stops on every trade!