Wednesday’s Setups
It’s come back from contract lows as we enter a
potentially critical period where prices run up due to seasonal cold. Natural gas
(
NGX1 |
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Chart |
News |
PowerRating)
accelerated today to post a hefty percentage gain (+9%) on a gap higher that
itself closed the 9/19 gap. Although this contract sets up a Turtle Soup Plus
One sell signal for Wednesday, commodity trading funds may closely eye the
20-day high in the November contract as an opportunity to test what appears a
short-term objective (higher) in the 2.800 area. Consider an Off The Blocks long
entry or to enter at support in the 2.530 and 2.490 areas.
Also in the energies,
November crude oil
(
CLX1 |
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PowerRating),
heating oil
(
HOX1 |
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PowerRating), and
unleaded gasoline
(
HUX1 |
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PowerRating) each registered outside days down two
days ago and crude and heating oil nearly registered outside days down again
today, signals that strongly suggest additional downside. New 10-Day Low
readings in unleaded and heating oil make these contracts eligible for
Off The Blocks
short entries.
Coffee
(
KCZ1 |
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Chart |
News |
PowerRating) has reached its lowest levels
since New York futures began trading in 1972. Coffee is also a leading
Implosion-5 List contract and funds appear to be holding positions as open
interest remains steady. The next downside objective is 42.75.
| Contract | Symbol |
Setup |
Direction |
Trigger |
Natural gas |
( NGX1 | Quote | Chart | News | PowerRating) |
Off The Blocks (OTB) OR continuation long at support |
Up |
OTB or 2.530 and 2.490 support areas. |
Energies |
( CLX1 | Quote | Chart | News | PowerRating), ( HOX1 | Quote | Chart | News | PowerRating), and ( HUX1 | Quote | Chart | News | PowerRating) |
Outside days |
Down |
OTB |
Coffee |
( KCZ1 | Quote | Chart | News | PowerRating) |
Implosion-5 List |
Down | OTB or intraday Pullback from Lows |