Thursday’s Futures Setups
After most of the March energies pulled back and
tested their support levels, gasoline and heating oil futures rose higher in
today’s trading on expectations the American Petroleum Institute will report a
pull back in inventories.
March heating oil
(
HOH2 |
Quote |
Chart |
News |
PowerRating) opened at
its support and rallied hard enough to break out and close above its R1 pivot.
At one point, heating oil was trading above its R2 pivot (53.07) before settling
down to close at 52.90 up 1.09.
March crude oil
(
CLH2 |
Quote |
Chart |
News |
PowerRating) rallied higher
for the second day in a row. Crude oil ran up as high as 19.69 before pulling
back to close at 19.48, a gain of .50. This move was strong enough to push the
March crude oil contract above its R2 pivot point.
March unleaded gas
(
HUH2 |
Quote |
Chart |
News |
PowerRating) pulled up
off of its support yesterday and today. In today’s session, March unleaded gas
pushed to a stronger close near its highs. This move was enough to close above
the R2 pivot at 57.35, a 1.60 gain on the day.
The March U.S. dollar
(
DXH2 |
Quote |
Chart |
News |
PowerRating) closed higher today breaking out and closing above its
resistance level with strong volume. 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 at 71.30 up .125.
|
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) |
Inverted Head-and-Shoulders | UP |
Break above 8.00 |
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.