Monday’s Futures Setups
March cocoa
(
CCH2 |
Quote |
Chart |
News |
PowerRating) is trading on its 50%
retracement line at 1350. Its overhead resistance is 1400 and its support
is 1270. A break above resistance or below support could signal a potential
play. The U.S. Dollar continues to perform better than other currencies.
March cotton
(
CTH2 |
Quote |
Chart |
News |
PowerRating) broke up higher
and closed at 37.45 near its high with strong volume. Look for a breakout above
the 38 resistance level.
The March Swiss franc
(
SFH2 |
Quote |
Chart |
News |
PowerRating) is
forming a similar pattern to the British pound, however it has broken below its
support line and may be moving to its next support level at around .58000. The
Swiss franc closed at .58110 down .00430.
Yesterday, March Silver
(
SIH2 |
Quote |
Chart |
News |
PowerRating) fell
down below its support level (424.00) to close down to 422.30. This was a key support area for the March contract.
Today it rallied back higher to close above its resistance of 4.30.
In yesterday’s nightly report we reported that March copper
(
HGH2 |
Quote |
Chart |
News |
PowerRating)
broke up higher and closed above its resistance level. Volume has been increasing on the March
contract. And we were looking for copper to move higher if it can stay above its support.
Today March copper closed at 73.65 up .30.
In yesterday’s nightly report we said March lumber futures
(
LBH2 |
Quote |
Chart |
News |
PowerRating)
have hit
a key support level, their 50% retracement line at around 270.00. We were
watching to see if this level would show strong support for lumber. Today it
moved higher to 273.50 up 4.80. Now lumber has overhead resistance at 280.00.
April Live Hogs
(
LHJ2 |
Quote |
Chart |
News |
PowerRating)
broke out above 61.425 today to 62.10, a
1.200. We have been watch in the April Hogs for a couple of days now. This is a
contract high.
|
Contract
|
Setup
|
Direction
|
Trigger
|
March Soybeans ( SH2 | Quote | Chart | News | PowerRating) |
Pullback From Highs |
|
break above 432.098 |
March Soybean meal ( SMH2 | Quote | Chart | News | PowerRating) |
|
|
break above 150.44 |
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.