FuturesCom Investment Publications
Morning Comments, Jan 05,1999
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01/05/99 06:03 AM

On the Frenzied Forex Front

March Japanese-Yen

Nearby Support is at 9060 tom 9034 and 8982. A close under 8972 augurs for a test of 8817 and 8777 where traders should buy at 8777 for a good bounce, risk a close under 8734 for three days in a row. Below that good buyers should appear near 8690 and 8595 to 9589 and 8560. Traders should buy at 8589 and hold for higher prices.

Resistance is at 9117 then 9140 and 9156 to 9173.

Traders can sell short at 9173 for a turn lower, risk 70 pts. A close over 9226 is friendly and augurs for a test of 9316 to 9347 where traders should sell at 9330 and hold for lower prices.

March D-Mark

Early Support is at 6033 and 6023 then 6012 to 6008, day traders can buy at 6008 for a bounce, risk 25 pts. Below that support is near the 5957 to 5940 region Traders can buy at 5957 for a turn higher, risk a close under 5940 for three days in a row. Below that support is near 5880 and 5855. .

Resistance is at 6101 and 6113, traders can go short for a quick turn lower at 6108, risk a close over 6113 for three days in a row. Beyond that good sellers should appear near 6165 to 6190 and 6257. Traders can go short at 6257 and hold for lower prices.

March Swiss recommended position long at 7366

Nearby Support is at 7345 below that buyers should surface at 7310 to 7306, day traders can buy at 7306 for a bounce, risk 25 pts..

Early Resistance is at 7414 to 7428. beyond that 7452 to 7456 offers resistance, traders should go short at 7452, risk a close over 7486 for two days in a row.

 

March British Pound recommended position long at 1.6550

Support is at 1.6484 and 1.6420. Below that support is at 1.6286 and the 1.6150 to 1.6090 region where traders can go long at 1.6150 then hold for higher prices.

Resistance is at 1.6638 an extended trade over 1.6640 indicates a likely test of 1.6720. A close over augurs for a test of 1.6890 then `1.6960 where traders can go short at 1.6960 and hold for lower prices,

March Canadian Dollar

Support should appear near the 6509 to 6483 region. Traders can go long at 6491, risk a close under 6483 for three days in a row. Below that support should appear near 6468

Resistance is at 6577 to 6591. Traders can go short for a quick turn lower at 6577, risk a close over 6591 for two days in a row.

Precious Metals

Feb. Gold recommended position long at 298.10

Support is at 286.4. Traders can buy for a bounce at 286.4, risk a close under 282. Below that the 276 to 271 region should hold.

Resistance is at 291.5 and 292.8 a close over 292.8 is friendly and traders should go long if that occurs. Beyond that resistance is at 296.5 and the 306 to 311 region.

 

March Copper: recommended position long at 6675
Protect with a stop close only under 6575 today. 

Support is at 6480 and 6400. Traders can go long at 6385 and hold for higher prices.

Resistance is at 6565 then 6645 and 6775 and 6790, a close over 6800 indicates a test of 6905 to 6920.

April Platinum recommended position long at 366.5 and 362.5

Early Support should near 360.5 should bring out buyers. Below that 356.5 offers support, beneath that 352.5 should contain a break.

Resistance is at 370 and 372.5, a close over 373 is friendly and indicates a test of 378.5 to 379.5 and eventually 383. Beyond that resistance is near 385 to 387 and the 390.9 to 393 region.

Traders should go long if a close over 372.5 occurs, risks a close back under 362.5.

March Silver long 487.5 (2) and 502.5

On the DownSide: Nearby Support is at  489.5. Day Traders should 489.5, risk 6 cents. Below that 479 should contain a break.

On the Upside. Resistance is at 495.5 and 502 then 511, a close over 511 is friendly and augurs for a likely test of the 526 region. Beyond that good sellers should appear near 541 beyond that 553 to 555 should stop a rally for a bit.

Traders should go long if a close over 511 occurs.

The Exciting Energies

Feb. Crude

Nearby Support is at 1232 and 1221 to 1217 then 1203. Aggressive traders can buy at 1203, Risk 50 pts. Below that 1175 then 1164 to 1162 should hold.

Resistance is at 1242. A close over 1242 augurs for a test of the 1268 to 1274 region and most likely 1304 to 1319. Traders can go short at 1304, risk a close over resistance at 1334 for three days in a row.

Trade Accordingly

Feb. Unleaded Gas

Support is at 3675 and 3635 traders can buy at 3630 for a turn higher risk a close under 3545 for 2 days in row. Below that support is at 3505 and 3443 to 3420.

Resistance is at 3830 a close over 3830 is friendly and augurs for a eventual test of the 3909 to 3930 region. Beyond that sellers should appear near 4045. Traders can go short at 4045 for a turn lower, risk a close over 4110 for two days in a row.

 

Feb. Heating Oil

Nearby Support is at 3457 and 3365. Traders can buy at 3365, risk a close under 3260 for three days in a row.

Resistance is at 3645 and 3655. A close over 3655 indicates a push towards 3745 and 3855. Trade Accordingly.

 

 

The Grande Grains

 

March Soybeans recommended position long at 547 1/2

Support is at 541 1/2 then 538 under that 528 should contain a break.

Resistance is at 547 1/2 and 552 1/2. Beyond that resistance is at 556 and 559 then 570. A close over 548 is friendly and augurs for an eventual test of 562 1/2.

Traders should go long if a close over 548 occurs.

March Soybean Meal recommended position long 2 at 142.9

Support is at 138.8 and 136.9 under that 134.60 to 133 should hold.

Resistance is at 145 and 150 offer good resistance.

March Soybean Oil recommended position long at 2339

Support is at 2322 and 2315 then 2275 to 2262, traders can go long for a good turn higher at 2275, risk a close under 2251 for three days in a row. Below that 2226 should contain the decline.

Resistance is at 2354 to 2370, beyond that 2402 and 2411 to 2419 offer resistance. Traders can go short at 2419 for a turn lower, risk a close over 2452 for three days in a row.

March Corn. Recommended position long at 219

Support at 213 1/4 and 208 1/2. Traders can go long at 208 for a bounce, risk 6 cents. Resistance is at 218 to 221 beyond that 223 offers resistance.

March Wheat recommended position long 278

Support is at 277 1/4 and 275.

Resistance is at 283 to 285 region. Beyond that resistance is at 289.

The Satisfying Softs

March Cotton recommended position long at 6214

Resistance should appear near 5925 and 5975. A close over 5975 augurs for a test the 6065

Support is at Below that 5880 to 5855 and 5825 under that 5790 should hold.

Traders should go long if a close over 6072 occurs.

March Sugar

Resistance is 823. Beyond that resistance is at 847 to 852.

Support is at 810 , day traders can buy at 810 and risk 25 pts. Below that Traders can go long at 767, risk a close under 763 for three days in a row.

Trade Accordingly

March Coffee:

On the downside, Early support is at 122.05, aggressive day traders can buy at 122.05 Below that support is at 120.90 to 120.30 and 119.60 then 118.75. Under that good buyers should appear near 116.90 and 116.40. Traders can buy at 116.40 for a bounce and hold for higher prices. Below that 115.75 and 115.00 offer support.

On the Upside, Resistance should appear near 123.20 to 123.80. a close over 123.30 is friendly and augurs for a thrust towards 126.80 to 127.40..

Buy Dips

 

March Cocoa

Support is at 1345 to 1334. Traders can buy at 1346 for a turn higher, risk a close under 1304 for three days in a row. Below that 1295 and 1274 to 1268 offer

support.

Resistance is at 1383 and 1395, traders can sell at 1383 for a turn lower, risk a close over 1395 for two days in a row. Beyond that resistance is at 1415 to 1421 and 1444. Traders can sell short at 1444 and hold for lower prices.

 

The Lively Livestock

Feb. Cattle recommended position long at 6002

Resistance is at 6062 and 6082, a close 6082 is friendly and indicates a test of 6157.

Beyond that resistance is at 6295. Traders can sell at 6295 for a quick turn lower, risk a close over 6337 for two days in a row.

Support is at 5932 to 5912, traders can buy at 5937 and risk a close under 5855 for three days in a row.

Feb. Hogs recommended position long at 3202

Resistance is at 3107. A close over 3112 is friendly and indicates a test of 3212 and eventually 3302

Support is at 3045 and 3012 to 2990. Under that Traders can buy at 2937 and hold for higher prices.

April Hogs recommended position long at 3697

Resistance is at 3605 and 3677 to 3707

Support is at 3505 and 3482 then to 3407

 

June Hogs recommended position long 4 at 4790.

Recommended Spread Long June Short Aug. at 625

From the Frying Pan into the Fire--

Feb. Bellies recommended position long at 4207

Nearby Support should appear near 4207, day traders can buy at 4207 for a turn higher. Below that support is at 4032 and 3987. Resistance is at 4282 and 4357. A close over 4357 is friendly and indicates a test of 4507 to 4512 then 4637. Beyond that resistance is at 4717.

 

The Sensational Stock and Bond Markets

March Bonds

On The DownSide, nearby support is at 126-25. Traders can go long at 126-25 for a good turn higher, risk a close under 126-12 for two days in a row. Below that support should appear near 125-25 and 125-17.

On the Upside: Nearby Resistance is at 127-14 then 127-26 and 128-10. Beyond that resistance is at 128-26 and 129-14 and 129-25. Traders can go short at 129-16, risk a close over 130-12 for three days in a row.

 

March SP500 recommended position short at 1183.70

On the DownSide, Nearby Support at 1238.50 to 1238 . Below that support is at 1233.50 and 1232. A close under 1232 is negative and indicates another test of 1228.00 and eventually 1218 then 1203. Below that 1192 should hold for a bit..

Traders should go short if a close under 1238 occurs.

On the Upside, Resistance is at 1243 then 1249.50, day traders can sell at 1249.60 and put your own risk on it. Beyond that resistance is near the 1253 to 1258 region. Above that good sellers should appear near 1268 to 1274. Traders can go short at 1268 and hold for lower prices.

Dow Jones Industrial Avg.

Support is at 9156 to 9140, a close under 9140 is negative and augurs for a test of the 9060 to 9044 region. Below that 9064 to 8934/ 8929 should hold.

Resistance is near 9233 and 9251 then 9275. Beyond that sellers should appear near 9316 to 9347. Above that 9429 to 9445 should cap the rally for a bit.

A ship in Harbor is Safe.. But that's not what ships are built for.

Happy Trading

Bill

01/05/99 7:49 AM

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