Wednesday’s Futures Setups
Natural Gas
(
NGH2 |
Quote |
Chart |
News |
PowerRating) reversed from a
bottom; look for a break up above 2.17. Volume was above average today and
stochastics are in the oversold area and are showing signs of crossing up out of
the 20% area.
It was a barnyard bonanza for cattle today. April
live cattle
(
LCJ2 |
Quote |
Chart |
News |
PowerRating) rallied with strong volume to break above its
70.7% retracement line and closed at 75.70 up .75. March feeder cattle
(
FCH2 |
Quote |
Chart |
News |
PowerRating) rose .13 to 83.825. Look for a break above 83.8943, the 70.7%
retracement.
March lumber
(
LBH2 |
Quote |
Chart |
News |
PowerRating) is giving back
most of its robust gains from the last couple of trading sessions. Today lumber
fell just above its 70.7% retracement line to close the gap it created last week. March
lumber ended lower by 3.900 to 280.00.
|
Contract
|
Setup
|
Direction
|
Trigger
|
April Live Hogs ( LHJ2 | Quote | Chart | News | PowerRating) |
Pullback From Highs |
|
break above 61.425 |
March Soybeans ( SH2 | Quote | Chart | News | PowerRating) |
Pullback From Highs |
|
break above 432.098 |
March Soybean meal ( SMH2 | Quote | Chart | News | PowerRating) |
|
|
break above 150.44 |
March cocoa ( CCH2 | Quote | Chart | News | PowerRating) |
|
|
break above 1350
|
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.