Tuesday’s Futures Setups
Rainy weather in the U.S. winter-wheat belt
sent wheat futures lower Monday on the Chicago Board of Trade. Wheat for
May
(
WK2 |
Quote |
Chart |
News |
PowerRating) delivery was down 4.25 or 1.53% cents at $2.73 a bushel.
Soybeans also fell, with the May contract
(
SK2 |
Quote |
Chart |
News |
PowerRating) off 2 cents at $4.62,
while May corn
(
CK2 |
Quote |
Chart |
News |
PowerRating) inched up 1.00 cent to $2.01 1/5 a bushel. Some
traders speculated that planting delays may cause some farmers to switch more
acreage to soybeans from corn. May Wheat is on the
TradingMarkets.com Pullbacks Off The Highs List
Crude-oil futures climbed Monday after Iraq
said it would suspend its oil exports to force Israel to withdraw from
Palestinian territories.
In midday trading on the New York Mercantile Exchange, oil for May delivery was
up 62 cents at $26.83 a barrel. Earlier, the contract rose as high as $27.23
following Iraq’s announcement. Crude oil for May
(
CLK2 |
Quote |
Chart |
News |
PowerRating) closed at
$26.54 a barrel an increase of .33 cents or 1.26%.
May unleaded gasoline futures
(
HUK2 |
Quote |
Chart |
News |
PowerRating) traded at 84.19 cents gallon,
up 2.49 cents or 3.05%, while May heating oil
(
HOK2 |
Quote |
Chart |
News |
PowerRating) gained 1.08
cents to 69.30 cents a gallon.
Crude oil for May delivery is on the
TradingMarkets.com Momentum 5 List.
June gold
(
GCM2 |
Quote |
Chart |
News |
PowerRating) on the Comex division of the New York Mercantile
Exchange traded 30 cents higher at $301.30 a troy ounce. Technical analysts said
the metal was due for a dip, but that the Mideast crisis and its implications
for oil prices countered the downward pressure. May silver
(
SIK2 |
Quote |
Chart |
News |
PowerRating)
lost .01 cent at $4.51 an ounce. May copper
(
HGK2 |
Quote |
Chart |
News |
PowerRating) was unchanged at
72.30. June gold
(
GCM2 |
Quote |
Chart |
News |
PowerRating) in on the
TradingMarkets.com
Momentum 5 List.
|
Contract |
|
|
|
| June live cattle ( LCM2 | Quote | Chart | News | PowerRating) |
Turtle Soup Plus One Buy Setup | Â Â Â Â Â Â Â Â Â Â Â UP | Â Â Â Â break above 63.80 |
| May wheat ( WK2 | Quote | Chart | News | PowerRating) |
Pullback Off High | Â Â Â Â Â Â Â Â Â Â Â UP | Â Â Â Â break above 283.60 |
| May pork bellies ( PBK2 | Quote | Chart | News | PowerRating) |
Pullback Off Low | Â Â Â Â Â Â Â Â Â DOWN | Â Â Â Â break below 77.00 |
| May copper ( HGK2 | Quote | Chart | News | PowerRating) |
Head and Shoulders | Â Â Â Â Â Â Â Â Â Â DOWN | Â Â Â Â break below 74.00 |
| May orange juice ( JOK2 | Quote | Chart | News | PowerRating) |
Pull Back Off High |            UP |     break above 92.70 |
| May cotton ( CTK2 | Quote | Chart | News | PowerRating) |
Inverted Head and Shoulders | Â Â Â Â Â Â Â Â Â Â Â UP | Â Â Â Â break above 40.00 |
| May soybeans ( SK2 | Quote | Chart | News | PowerRating) |
Pull Back Off High | Â Â Â Â Â Â Â Â Â Â Â UP | Â Â Â Â break above 462.00 |
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.     Â