Wednesday’s Futures Setups

  • September 23, 2003
  • Brice Wightman

Iraq is now producing 1.35
million barrels per day; OPEC is meeting tomorrow, with no change
expected. Consumer prices in Canada rose 2.0% in August from a year ago, the
smallest gain in over a year.

On this 60-minute chart of the minis, you can see some confluence of resistance.

 

Gasoline seems to be flattening out on this 15-minute chart. The trendline on
momentum is roughly drawn, but shows the main idea.

 

Cocoa popped. Renewed fighting in the Ivory Coast is a possibility.

 

Rumors that lumber workers in British Columbia may strike sent lumber higher.


Please note that while there are strong trends, 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.


Be advised that some futures contracts are prone to gaps.



Remember, use stops on all your trades.

Brice