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Here are my comments on the opportunities I’m watching based on the day’s price action.
CL – Crude Oil
Oil was lower again today trading down to the 15 SMA and posting another bearish full bodied candle. I am neutral on Oil at this stage while the price remains above the rising short term moving averages.
ZC – New Crop Corn
Corn failed the 200 SMA again today trading back down to the 40 SMA.
HG - Copper
Copper was down strongly today trading back to the 200 SMA.
US Dollar Index
The US Dollar continued its move lower breaking the August 2015 lows before bouncing strongly to finish the day higher and close back above that level posting a candle with a long lower shadow.
Can you help answer these questions from other members on NexusFi?
I was stopped out of my Feeder Cattle position at break even.
Losses in Feeder Cattle and Sugar outweighed small gains in Gold.
Here are my comments on my open positions based on the day’s price action.
QO – Mini Gold
Trade: Long 1 contract of Jun Mini Gold
Entry Price: $1,230
Risk: stop moved to $1,242.50 risking $0
Target: $1,600
Daily Comment: Gold finished slightly higher today after trading up to the previous highs and down to make new lows in the correction and posting a spinning top.
GF - Feeder Cattle
Trade: Short 1 contract of May Feeder Cattle
Entry Price: $1.4625
Exit: $1.4625
Trade Grade: 4/5
Daily Comment: Feeder Cattle continued its move higher toady surpassing both the short term moving averages and posting another bullish full bodied candle. The price is back at the underside of the rectangle channel which may prove to be resistance.
Trade Review: A good trade with all rules followed.
SB - Sugar
Trade: Long 2 contracts of July Sugar
Entry Price: 16.05
Risk: 15.48 risking $1,277
Target: 18.42
Daily Comment: Sugar attempted to surpass the 61.8% retracement mark of the contract high and low during the session but prices failed at this level again causing a big shakeout with prices trading all the way back to the 61.8% retracement mark of the recent range.
Here are my comments on the opportunities I’m watching based on the day’s price action.
CL – Crude Oil
Oil rallied strongly during the session retesting the 200 SMA but prices were unable to hold this level and finished the day only slightly higher posting a candle with a long upper shadow. Prices are still holding the short term moving averages at this stage.
US Dollar Index
The US Dollar continued its run higher today posting a bullish full bodied candle but is still trading below all the falling moving averages at this stage.
Gains in Gold outweighed the losses in Sugar today.
Here are my comments on my open positions based on the day’s price action.
QO – Mini Gold
Trade: Long 1 contract of Jun Mini Gold
Entry Price: $1,230
Risk: stop moved to $1,242.50 risking $0
Target: $1,600
Daily Comment: Gold jumped higher today after the jobs report and held onto most of the gains closing back above the March highs.
SB - Sugar
Trade: Long 2 contracts of July Sugar
Entry Price: 16.05
Risk: 15.48 risking $1,277
Target: 18.42
Daily Comment: Sugar opened slightly lower but traded up through the session to retest the 16.00 level. Prices were unable to hold this level closing back where they opened and posting a doji. Sugar is still holding at the 61.8% retracement level at this stage.
- Entered a Long position in Sugar
- Stopped out of Feeder Cattle at breakeven
A week of lost open profits but no capital losses.
I’ll start the weekly update with comments on my open positions at the end of the week.
QO – Mini Gold
Gold continued higher early in the week attempting to surpass the psychological $1,300 level but was unable to hold above this level and fell back quickly. Gold finished strongly on Friday after the weak jobs report to finish the week basically unchanged.
SB – Sugar
Sugar was higher early in the week attempting to surpass the 61.8% retracement mark of the contract high and low before falling sharply to retest the 61.8% retracement mark of the recent range. Prices are still holding above this level and the 40 SMA and the uptrend has not been damaged yet.
Next up I’ll have a look at the other markets that I have traded or been watching during the week.
GF - Feeder Cattle
Feeder Cattle rallied this week to retest the underside of the rectangle channel. The rally has stalled at this point.
CL – Crude Oil
Oil traded in a small range between the 200 SMA and the 15 SMA this week. The 200 SMA appears to be providing resistance but while prices remain above the short term moving averages I keep an open mind on the next direction for Oil.
ZC – New Crop Corn
Corn poked above the 200 SMA again this week but quickly failed this level trading down sharply and finishing the week back at the 40 SMA.
HG - Copper
After the strong close to finish last week Copper quickly reversed this trend to fail all the moving averages.
DX – US Dollar Index
The US Dollar continued lower early in the week but reversed sharply during Tuesday’s trade and rallied for the rest of the week. The US Dollar is still trading below all of the moving averages and there is no evidence at this stage that the downtrend has come to an end.
The Notes rallied this week and attempted to surpass the 61.8% retracement of the recent range in Friday’s trade but was unable to hold this level on a closing basis.
HE – Lean Hogs
Hogs attempted to surpass the 61.8% retracement of the recent range early in the week but quickly failed and closed the week below this level.
ZM – Soybean Meal
Soybean Meal was higher to start the week surpassing the July highs and spent the rest of the week consolidating this level.
KC – Coffee
Coffee rallied strongly to finish the week and closed back above the short term moving averages. If prices can surpass the 200 SMA and the 61.8% retracement of the recent range I may look at entering a Long position.
CC - Cocoa
Cocoa prices failed the 61.8% retracement of the recent range during the week and closed the week back below the 200 SMA negating the bullish break at this stage.
