Trading commodity futures and options involves substantial risk of loss and is not suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge and financial resources.
By: Larry Baer, senior broker at Zaner Group.
Live cattle futures rallied today (5/15) along with feeder cattle.
This move higher for June live cattle futures gives me a buy signal on the daily chart. This is the first buy signal live cattle have given since the trend changed to the upside. Although the trend is down on the weekly chart there is a large gap that the live cattle may fill and the trend remains up on the monthly chart. A close above 117.150 will not only suggest that live cattle may be in a longer-term up-trend it will also issue a King’s Cross counter-trend buy signal on the weekly chart.
August feeder cattle futures are also showing a buy signal on the daily chart today. The trend is up on the monthly chart.
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Futures, options and forex trading is speculative in nature and involves substantial risk of loss. All known news and events have already been factored into the price of the underlying commodities discussed.
- Rick Alexander’s Grain futures commentary (5/14)
- Judy Crawford’s Grain futures Market Update (5/11)
- Wheat futures issue a sell signal (5/09)
- Rick Alexander’s Metal futures commentary (5/15)
- USDA Crop Report Quick View (5/10)
- Rick Alexander’s Stock Index futures commentary (5/15)
- Soybean Meal futures show a fresh buy signal (5/10)
- Rick Alexander’s Energy futures commentary (5/15)
- Metal complex tumbles, Gold futures generate a sell signal (5/11)
- Rick Alexander’s Financial futures commentary (5/15)
- Heating Oil & Gasoline RBOB show sell signals (5/14)
- Rick Alexander’s Currency futures commentary (5/15)
- Rick Alexander’s Softs futures commentary (5/15)
- Markethead: Quotes, charts, news, commentary and more
Judy Crawford’s Grain futures Market Update (5/16)
Trading commodity futures and options involves substantial risk of loss and is not suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge and financial resources.
By: Judy Crawford, senior broker at Zaner Group.
GRAIN FUTURES COMMENTS
JULY CORN: Just looking at the daily chart, there should be more to the rally – to the 610 resistance? The double bottom on the daily chart that I referred to last time at 591 3/4, corn violated but got back over it today. Last time I suggested that technically it could stabilize around 570. On Friday it got to 572 1/4. Based on the long term charts, this rally could be an opportunity to short. Watching closely. Closed 597 1/4, up 14 1/4.
JULY MINI WHEAT: During the entire collapse in the beans, wheat held around 600. That was impressive. It formed an inside day yesterday on the daily chart but I did not suggest a trade as the long term charts contradict each other. There should be more to its rally too but it is now starting to push into resistance on the daily chart near 620 to 625. Just watching. Closed 608 1/2, up 10 1/4.
JULY MINI SOYBEANS: My stop in the bean position was reached on Friday prior to the major sell-off. When they then sold off and took out Thursday’s low I shorted them again. They have since sold off to 1376 yesterday. Today they rallied back over 1400. Technically if they match the rally following the report, they could reach 1430 approximately. That is also a resistance area they formed in early April. Bear in mind the rally that followed the report bounced off of that area which was then support. It is obviously resistance now. Even if beans surpass that area they have technical resistance again at 1450 approximately and the 20 day ma intersecting at 1455. It was that resistance area that stopped the rally last week. Even before then the downtrend line intersects at 1445. Today they were stopped by the 50 day ma. Keep stops at 1462 for now. Closed 1413, up 26. Position: Short 1478 (5.3). Exit 1460 1/2 (5.11). Profit $120 (-comm/fees). Position: Short 1427 1/4 (5.11). Projection: 1400.
JULY SOYMEAL: When it took out Thursday’s low on Friday, I shorted it again. It is attempting to hold at 400.00 support. Today it rallied to the 20 day ma and stopped. It has resistance above that at 420.00. The high of the last rally was 425.50. Keep stops at 425.70. Closed 417.20, up 13.70. Position: Short 415. Projection: 380.00.
JULY SOYBEAN OIL: It has support on the daily chart at 51.00 and stopped there yesterday and is attempting to consolidate further today at that level. Long term this week has been negative for bean oil. On the weekly chart, it has started the week off by violating the 100 day ma with follow through. Move stops from 53.62 down to 52.45. Closed 51.47, up .17. Position: Short 52.97 (5.9). Projection: 50.00.
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Judy Crawford
Call Judy Crawford toll-free at (888) 301-8120 or directly at (312) 277-0133
E-mail: jcrawford@zaner.com.
http://www.tradingfuturesmarkets.com/
Subscribe FREE to Zaner Group’s Daily Research Newsletter.
Trading commodity futures and options involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge and financial resources. Opinions are subject to change at any time and are not a solicitation or recommendation to buy or sell futures contracts or options on futures contracts. The information contained in this message has been obtained from sources believed to be reliable but is not guaranteed as to its accuracy or completeness. All known news and events have already been factored into the price of the underlying commodities discussed.
Past performance is not indicative of future results. All suggested trades are based on technical signals/indicators and do not include slippage or cost. Not all trades suggested are taken. Results are based on what the signal indicates not necessarily an actual trade. Actual results may vary.
All suggested trades are based on technical signals/indicators and do not include slippage or cost. Not all trades suggested are taken. Results are based on what the signal indicates not necessarily an actual trade. Actual results may vary.