Friday’s Futures Setups
Triple bottoms hit oil. The March
petroleum complex was losing points in earlier trading, because on Wednesday,
the American Petroleum Institute reported a crude oil inventory of 845,000
barrels, and a gasoline inventory of 2.131 million barrels, which was more than
expected. As the trading session progressed, investors shrugged off the supply
news, which led to gains in the energies.
March crude oil
(
CLH2 |
Quote |
Chart |
News |
PowerRating) and March
heating oil
(
HOH2 |
Quote |
Chart |
News |
PowerRating) are both creating triple bottoms. Both of the oils
are bouncing off their support lines.
March unleaded gasoline
(
HUH2 |
Quote |
Chart |
News |
PowerRating) broke
out above its resistance and closed higher to .5789 near its high for the day.
The March U.S. dollar
(
DXH2 |
Quote |
Chart |
News |
PowerRating) closed higher again today, making newer highs. The March U.S. dollar is on the
TradingMarkets.com Momentum 5 List.
Feb live cattle
(
LCG2 |
Quote |
Chart |
News |
PowerRating)
after pulling back last Thursday to test its support at 71.00.
Feb live cattle remains above its 10-day EMA and closed higher today at 71.75 up
.45.
March corn
(
CH2 |
Quote |
Chart |
News |
PowerRating) bounced off of its
support and then rallied up to close at 209.50. Thus far, March corn looks to be
making good on a Turtle Soup pattern.
|
Contract
|
Setup
|
Direction
|
Trigger
|
March copper ( HGH2 | Quote | Chart | News | PowerRating) |
Flag Pattern |
UP | Break above 71.75 |
March Lumber ( LBH2 | Quote | Chart | News | PowerRating) |
Cup-and-Handle | UP |
Break above 276.50 |
| March Sugar ( SBH2 | Quote | Chart | News | PowerRating) |
Double Top | DOWN |
5% break below 7.0 |
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.