Friday’s Futures Setups
Crude-oil futures moved to the upside today in
choppy trade, as participants positioned themselves ahead of Friday’s meeting of
the Organization of Petroleum Exporting Countries.
April crude-oil futures
(
CLJ2 |
Quote |
Chart |
News |
PowerRating) edged up .39 or 1.61% to 24.55 a
barrel on the New York Mercantile Exchange. April natural gas
(
NGJ2 |
Quote |
Chart |
News |
PowerRating)
gained .06 to $2.925 per 1000 cubic feet, April heating oil
(
HOJ2 |
Quote |
Chart |
News |
PowerRating)
edged higher 0.88 cent to 65.70 cents a gallon, while April unleaded gasoline
(
HUJ2 |
Quote |
Chart |
News |
PowerRating) slid .55 to 79.75 cents a gallon. April crude oil, April heating
oil, April unleaded gasoline are all on the
TradingMarkets.com Momentum 5 List. Â
Blue-chip stocks pulled themselves
out of negative territory on Thursday,
getting a lift from Eastman Kodak
(
EK |
Quote |
Chart |
News |
PowerRating), which reaffirmed its earnings
outlook, and some better-than-expected economic data.
The June Dow Jones Industrial Average
(
DJM2 |
Quote |
Chart |
News |
PowerRating) rose 20.00 to end at 10535.00.
The June Nasdaq 100 lost 7.00 to end at 1490.50,
The June Standard & Poor’s 500-stock index
(
SPM2 |
Quote |
Chart |
News |
PowerRating) edged down 1.70 at
1153.04.
Coffee for May
(
KCK2 |
Quote |
Chart |
News |
PowerRating)
is pulling back from the high.
Overhead
resistance on coffee is around 60.00.
May coffee is on the
TradingMarkets.com Momentum 5 List.
May soybeans
(
SK2 |
Quote |
Chart |
News |
PowerRating) broke above its inverted head–and–shoulders
neckline on 03-07-2002. It remains above its support line of 457.50 trading
higher today, up 5.75 to 4.685.
May cocoa
(
CCK2 |
Quote |
Chart |
News |
PowerRating) closed
at 1563.000 up 5.00. May cocoa is on the
TradingMarkets.com Momentum 5 List.
April live cattle
(
LCJ2 |
Quote |
Chart |
News |
PowerRating) has been
on the Nightly Report for several sessions now and it was sighted that LCJ2 was
pulling back from the lows. A break below 75 would possibly mean further lows.
Yesterday April live closed below 75 and today the contract continued lower to
73.20. LCJ2 has support at around 72.80.
|
Contract
|
Setup
|
Direction
|
Trigger
|
| June U.S. dollar ( DXM2 | Quote | Chart | News | PowerRating) |
Pull Back From Highs | UP |
break above 118.17 |
| June Japanese Yen ( JYM2 | Quote | Chart | News | PowerRating) |
Pull Back From Highs | UP |
break above .007800 |
| May cocoa ( CCK2 | Quote | Chart | News | PowerRating) |
New 10 day high | UP |
|
| May corn ( CK2 | Quote | Chart | News | PowerRating) |
Pullback from lows | down |
break below 208 |
| April copper ( HGK2 | Quote | Chart | News | PowerRating) |
Pull Back From the High | UP | break above .7500 |
| May silver ( SIK2 | Quote | Chart | News | PowerRating) |
Pull Back From the High | UP | break above 4.60 |
| May wheat ( WK2 | Quote | Chart | News | PowerRating) |
Pullback from lows | down |
break below 276 |
| May orange juice ( JOK2 | Quote | Chart | News | PowerRating) |
Pullback Off Highs | UP |
break above 92 |
| May sugar #11 ( SBK2 | Quote | Chart | News | PowerRating) |
Ascending Triangle | UP |
break above 6.3 |
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.