Thursday’s Futures Setups
March Lumber
(
LBH2 |
Quote |
Chart |
News |
PowerRating) rebounded from a
two-and-a-half-week-lows to close strong. Lumber opened at 263, its support
level. It then rallied above its resistance of 271.26 and settled at 269.50. The
resistance initial resistance is 271.261 followed by secondary resistance at
277.458. Initial support is 263, with secondary support at 254.829.
March copper
(
HGH2 |
Quote |
Chart |
News |
PowerRating) is in a bullish
flag pattern. Look for a possible break above .7325.
March cotton
(
CTH2 |
Quote |
Chart |
News |
PowerRating) is trading in a
narrow trading range. Watch for a potential breakout above the 38 resistance
level or a break down below a support of 35.
April lean hogs
(
LHJ2 |
Quote |
Chart |
News |
PowerRating) are breaking
out of an ascending triangle with stronger volume. The lean hogs for April
delivery broke out and closed above its resistance of 62 yesterday. The hogs made
a contract high by closing at 62.725. Today hogs closed at their support level
of 61.975. Live hogs are on the
TradingMarkets.com Momentum 5 List.
April live cattle
(
LCJ2 |
Quote |
Chart |
News |
PowerRating)
are trading
in an ascending triangle. Live cattle rallied close to its resistance today and
broke above the 76 resistance level to close at 76.275.
Volume has been increasing and we are looking for stronger volume as live cattle
stays above the 76.00 support level. Live cattle are on the
TradingMarkets.com Momentum 5 List.
March pork bellies
(
PBH2 |
Quote |
Chart |
News |
PowerRating) are
rallying from their 74.00 support level. Bellies for March delivery closed at
75.65. The overhead resistance for March pork bellies is 77.34 with secondary
support at 79.0475.
|
Contract
|
Setup
|
Direction
|
Trigger
|
| March U.S. dollar ( DXH2 | Quote | Chart | News | PowerRating) |
Pullback From Highs |
UP |
break above 121.00 |
March Soybean meal ( SMH2 | Quote | Chart | News | PowerRating) |
|
|
break above 150.44 |
| March Wheat ( WH2 | Quote | Chart | News | PowerRating) |
Triple Bottom | UP |
break above 299
|