Friday’s Futures Setups
June
crude oil
(
CLM2 |
Quote |
Chart |
News |
PowerRating) had been forming a cup and handle pattern on the daily
chart and broke out to move higher. Crude oil for delivery in June dropped .20
cents to $27.94 a barrel
in late-afternoon trading at the New York Mercantile Exchange. June unleaded
gasoline
(
HUM2 |
Quote |
Chart |
News |
PowerRating) gained .71 of a cent to 79.53 cents a gallon. June
heating oil
(
HOM2 |
Quote |
Chart |
News |
PowerRating) moved up to 68.15 cents a gallon, a .37 of a cent
gain. June natural gas
(
NGM2 |
Quote |
Chart |
News |
PowerRating) was reduced by .03 of a cent to $3.60 per million British thermal units.
June crude oil, June heating oil and June natural gas are on the
TradingMarkets.com Momentum 5 List.
Possible Turtle Soup Plus
One Buy Setup
For more information about how to use this
indicator,
click here.
Contract |
Setup |
Direction |
Trigger |
| June live cattle ( LCM2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Buy Setup |
UP |
break above 63.80 |
| June Dow Jones Indus. ( DJM2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Buy Setup |
UP |
break above 10000 |
July Wheat ( WN2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Buy Setup |
UP |
break above 2.72 |
| June Nasdaq 100 ( NDM2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Buy Setup |
UP |
break above 1240 |
| June S&P 500 ( SPM2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Buy Setup |
UP |
break above 1092.60 |
Possible Turtle Soup Plus One Sell Setup
Contract |
Setup |
Direction |
Trigger |
| June British Pound ( BPM2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Sell Setup |
Down |
break below 1.45489 |
| June Euro ( ECM2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Sell Setup |
Down |
break below .902302 |
Swiss Franc ( SFM2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Sell Setup |
Down |
break below .620448 |
Pullbacks Off Highs
Contract |
Setup |
Direction |
Trigger |
| June gold ( GCM2 | Quote | Chart | News | PowerRating) |
Pullback Off High |
UP |
Break above 310.00 |
To learn more about how to trade pullbacks
successfully,
click here
Please note that
while there are strong trends in some commodities, one bar or a series of bars
forming a setup can sometimes indicate a contra move for the next day. This
contra move may not be long-lasting — maybe only for a day or two. Trading
with the main trend is always the highest probability trade.
Use stops on all your
trades.