Wednesday’s Futures Setups
Crude oil and energy futures at the New York
Mercantile Exchange were higher today, fueled by word of refinery cuts and
rumors of producer discontent.
The energies have been trending lower the last
several sessions. March crude futures
(
CLH2 |
Quote |
Chart |
News |
PowerRating) were up 32
cents to $18.98 a barrel. Crude oil is trading just below its 19.00 resistance
level. March heating oil futures
(
HOH2 |
Quote |
Chart |
News |
PowerRating) were
higher by 15 points to 51.81 cents a gallon, but closed near its lows for the
session. And March gasoline futures
(
HUH2 |
Quote |
Chart |
News |
PowerRating) were up .73 cents to 55.75 cents a gallon. The March gas futures
closed right at their support line.
The March 30-Year T-Bond
(
USH2 |
Quote |
Chart |
News |
PowerRating)
pulled back .16 to 103.469. The March 30 year is trading just
above its 50-day EMA.
A lackluster outlook for U.S. export sales
sent wheat futures lower. March wheat
(
WH2 |
Quote |
Chart |
News |
PowerRating) made a 5-day low and
broke below its S2 pivot, closing at 295.23. March wheat has support at 288.
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 71.175 down .38.
|
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.