Tuesday’s Futures Setups
Oil prices continued to push higher Monday,
driven by rising speculation that the U.S. will attack Iraq.
April crude-oil futures
(
CLJ2 |
Quote |
Chart |
News |
PowerRating) gained .47 cents to $24.31 a barrel
on the New York Mercantile Exchange.
Other energy commodities were also higher. April heating oil
(
HOJ2 |
Quote |
Chart |
News |
PowerRating)
rose 1.51 cents to 63.45 cents a gallon, while April gasoline
(
HUHJ2 |
Quote |
Chart |
News |
PowerRating)
advanced 2.29 cents to 79.10 cents a gallon.
April Natural gas
(
NGJ2 |
Quote |
Chart |
News |
PowerRating) rallied higher today and broke and closed
above its resistance level of 2.90.Natural gas closed at 3.02 up .22. April
crude oil, April heating oil, April unleaded gasoline and April natural gas are all on the
TradingMarkets.com Momentum 5 List.Â
Arabica coffee futures on the Coffee, Sugar &
Cocoa exchange took off Monday, breaking out of their six-month range and
settling at a 28-week high. The May coffee contract
(
KCK2 |
Quote |
Chart |
News |
PowerRating)
gapped up right away past its R2 Pivot Point (50.75). May coffee ended at 54.15
up 4.40 or 8.63%. The initial resistance on coffee was 53.48. A push above 54.50
will be a bullish development.
May soybeans
(
SK2 |
Quote |
Chart |
News |
PowerRating) broke above its inverted head and shoulders
neckline on 03-07-2002. It remains above its support line of 457.50.
Â
|
Contract
|
Setup
|
Direction
|
Trigger
|
| June U.S. dollar ( DXM2 | Quote | Chart | News | PowerRating) |
Pull Back From Highs | Â Â Â Â Â Â Â Â Â Â Â Â UP |
break above 118.17 |
| May cocoa ( CCK2 | Quote | Chart | News | PowerRating) |
New 10 day high | Â Â Â Â Â Â Â Â Â Â Â UP |
 |
| May corn ( CK2 | Quote | Chart | News | PowerRating) |
Pullback from lows | Â Â Â Â Â Â Â Â Â Â down |
    break below 208 |
| April copper ( HGJ2 | Quote | Chart | News | PowerRating) |
Pull Back From the High | Â Â Â Â Â Â Â Â Â Â Â Â UP | Â Â Â Â break above .7500 |
| May silver ( SIK2 | Quote | Chart | News | PowerRating) |
Pull Back From the High | Â Â Â Â Â Â Â Â Â Â Â Â UP | Â Â Â Â break above 4.60 |
| May wheat ( WK2 | Quote | Chart | News | PowerRating) |
Pullback from lows | Â Â Â Â Â Â Â Â Â down |
   break below 280 |
| May orange juice ( JOK2 | Quote | Chart | News | PowerRating) |
Pullback Off Highs | Â Â Â Â Â Â Â Â Â Â Â UP |
   break above 92 |
| April live cattle ( LCJ2 | Quote | Chart | News | PowerRating) |
Pullback from lows | Â Â Â Â Â Â Â Â Â down |
  break below 75 |
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
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