July Sugar Appears Pivoting
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.
Even though July Sugar [SBN9>SBN9] didn’t make any of our lists today (however, it was on last nights Momentum 5 List), it appears to be pivoting back into the direction of its breakout. Look for a buying opportunity here.
Source: Omega Research.
For you breakout players, August Feeder Cattle [FCQ9>FCQ9] broke out to life of contract highs today. Look for a buying opportunity here or better yet, wait for a pull back.
July Copper [HGN9>HGN9], on the Implosion 5 and Pullbacks From Lows Lists, closed poorly and appears poised to resume its steep downtrend. Look for a shorting opportunity here.
July Silver [SIN9>SIN9], on the Turtle Soup Plus One Buy Setup List, hit major new lows today but reversed to close well. Look for a buying opportunity as the shorts may be trapped on the wrong side of the market.
Best of luck with your trading on Monday!
Dave Landry
PS-Reminder: Protective stops on every trade!