Monday’s Futures Setups
Crude oil and products futures notched modest
gains at the New York Mercantile Exchange, lifted by short covering ahead of the
weekend and thin volume.
The April crude oil contract
(
CLJ2 |
Quote |
Chart |
News |
PowerRating) contract closed up .12
cents to $21.07 a barrel. The March heating oil contract
(
HOH2 |
Quote |
Chart |
News |
PowerRating)
closed .33 lower at 54.61. March unleaded gasoline
(
HUH2 |
Quote |
Chart |
News |
PowerRating) rose .32
to 58.68.
Â
May coffee
(
KCK2 |
Quote |
Chart |
News |
PowerRating) Coffee for March delivery
closed lower at 49.50. The last two sessions were pushed by speculative short
covering. May coffee closed around its 50-day MA. The May contract has an
overhead resistance of 50.80. May coffee is on the
TradingMarkets.com Momentum 5 List.
|
Contract
|
Setup
|
Direction
|
Trigger
|
| March U.S. dollar ( DXH2 | Quote | Chart | News | PowerRating) |
Pull Back From Highs | Â Â Â Â Â Â Â Â Â Â Â Â UP |
break above 120.00 |
| March 30 YR Treasury ( USH2 | Quote | Chart | News | PowerRating) |
Inverted Head and Shoulders | Â Â Â Â Â Â Â Â Â Â Â Â UP |
    break above 104 |
| March 10 YR Treasury ( TYH2 | Quote | Chart | News | PowerRating) |
Inverted Head and Shoulders | Â Â Â Â Â Â Â Â Â Â Â Â UP |
    break above 107 |
| May cocoa ( CCK2 | Quote | Chart | News | PowerRating) |
Pull Back From the High | Â Â Â Â Â Â Â Â Â Â Â Â UP |
    break above 1441.00 |
| March silver ( SIH2 | Quote | Chart | News | PowerRating) |
Pull Back From the High | Â Â Â Â Â Â Â Â Â Â Â Â UP |
    break above 4.44 |
| April crude oil ( CLJ2 | Quote | Chart | News | PowerRating) |
Pull Back From the High | Â Â Â Â Â Â Â Â Â Â Â Â UP |
    break above 21.57 |
| March wheat ( WH2 | Quote | Chart | News | PowerRating) |
Pull Back Off the Lows | Â Â Â Â Â Â Â Â Â DOWN |
    break below 280.00 |
| March soybean meal ( SMH2 | Quote | Chart | News | PowerRating) |
Pull Back Off the Lows | Â Â Â Â Â Â Â Â Â DOWN |
    break below 150.02 |
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.Â