Wed, January 14, 1998
5:30 AM
On the Frenzied Forex Front
March J-Yen , Recommended Position Long at 7590,7632
Nearby support is at 7689 to 7675 then 7646 and 7638. Below that 7601 should act as Support.
Resistance is near 7709 / 7713 to 7726 Beyond that 7743 and 7763 to 7777 offer's resistance but should trade , a close over 7777 is bullish for a test of 7836 to 7864 resistance.
Trade Accordingly
March Swiss Franc Recommended Position long at 6823 and 6795 (LAST EVE)
Early support should appear at 6779 and 6755 Traders can buy at 6795 or better risk 30 pts. Failure there indicates a decline to 6755, a close under 6744 augurs for a test of 6673 where long term traders should have buy orders waiting to Buy at 6675 for the 'Pull'.
Resistance begins at 6799 to 6809 above that 6836 and 6849. A close over 6849 augurs for a test of 6906 and the 6990 to 7003 region. Beyond that 7058 to 7062 should trade.
March British: Recommended Position Long at 161.68
Support is at 161.96 and 161.50 below that 160.90 should hold . Beneath that, buy at 158.80, risk a close under 157.60 for three days in a row.
Resistance is near 163.80 and 164.20. A close over 164.20 augurs for a test of 165.10 and 167.40.
March D-Mark Recommended Position, long at 5496.
Early support is at 5461 and 5451. However a close under 5490 indicates a slip to 5430 /5418 region where day traders can buy at 5421 for a bounce, risk a trade under 5403.
Nearby Resistance is at 5504, a close over 5505 augurs for a test of 5551
Trade Accordingly
March Canadian Dollar Recommended Position Long at 7002
Support is near the 6990 to 6975 region. A close over 7003 is bullish.
Resistance is near 7039 and 7075 offer resistance. A close over 7007 augurs for a test of 7074. Trade Accordingly...
Precious Metals
April Gold April Gold had an Outside Day up and Key Reversal Off of Life of contract Lows for this oarticular contract yesterday. Gold Should be
Support is near 275, buy at 274. Risk $ 3.00 Resistance is 283 and 292 a close over 283 is friendly . A close over 292 augurs for a rally back to 317
March Copper Recommended position Long at 7865
Support is at 7490, Below that 7355 to 7330 should stop the decline , go long March Copper at 7355 for a turn higher , risk a close under 7320.
Resistance is at 7565 , a close over 7605 is friendly for a trade back to 7705. Beyond that 7810 offers resistance. A close over 7890 indicates a rally back to 8200 Above that traders should sell at 8480 risk a close over 8510 for three days in a row.
April Platinum
Nearby support is near 360 and 352 , buy at 352 risk a close under 349 for three days in a row. Resistance is near 363 , a close over augurs for a test of 375, traders should be prepared to buy April platinum on a close over 363 Beyond that Resistance is firm at 380 , a close over 380 augurs for a test of 396. Traders should sell at 395 , risk a close over 404 for two days in a row.
Trade Accordingly
March Silver Recommended Position Long at 557.5
Early support is at 544. Below that buy at 539 offers support. Buy at 535 for a good bounce, risk a close under 531 for two days in a row.
Resistance is near 561 and 572 , beyond that 576 to 581 and 592, above that 608 should trade.
The Exciting Energies
Feb. Crude Recommended Position Long at 1655
Early support is at 1642 Below that 1615 should trade.
Resistance should appear near 1689 an extended trade over or close over augurs for test of 1731.
FebUnleaded Gas
Early support is near 5170 below that buy at 5125 ,risk 100 pts.
Resistance is near 5360 and 5465. A close over 5365 augurs for a trade to 5575. Sell at 5575 for a quick turn , risk a close over 5655 for two days in a row.
Feb. Heating Oil Recommended Position , long at 4930 and 4650
Support should appear near 4515 . Resistance is near 4740 and 4835 . A close over 4740 early this week is friendly and augurs for a test of 5050 and eventually 5340. Sell at 5340 risk a close over 5360 for two days in a row.
The ‘Grande’ Grains
March Beans: Recommended position Long at 667.
Resistance is near 670 and the 673 1/2 region . A close over 672 is friendly for a test of 677. Beyond that a test of 685 is likely. A close over 685 is bullish for a trade to 701 , traders can sell at 703 for a turn risk a close over 711 1/2 for three days in a row and stay tuned.
Support is near 665 and 661. A slip under 661 indicates a drop to 648, traders can buy for a 'Bounce' at 648 risk a close under 638 for two days in a row. Below that 617 is where hearty traders can go long for a
turn higher, risk a close under 586 initially.
Trade Accordingly
March Soybean Meal Recommended Position Long at 191
Support should appear at 193.9 and 190.4
Resistance is near 195, a close over 195 is friendly for a test of 201.5 , beyond that 209 offers resistance sell at 209, risk a close over 213.5 for two days in a row.
ADD to long March Meal using a 195.8 Buy stop to enter.
March Soybean Oil Recommended Position Long at 2473
Early support is at 2452. Below that trade to 2405 is likely. Buy at 2405 , risk a close under 2370.
Resistance is near 2507 to 2512 and 2524 Trade Accordingly
March Corn
Support is at 253, Buy at 253 risk a close under 249 for two days in a row. Below that 245 is likely to trade. .Resistance is near 263 , a close over is friendly for a rally to 272 and 275, sell at 275 , risk a close over 281 cents for three days in a row.
March Wheat Recommended Position Long at 321
Support is at 320 1/2 to 319 3/4 Beneath that 313 1/2 should be considered a buying region. Go long at 314 , and hold. Resistance is near 324 and 326. A close over 327 augurs for a trade to 333 Trade Accordingly
The Satisfying Softs
March Cotton Recommended Position long at 6590
Support is at 6509 below that buy at 6424 risk 100 pts. Resistance is at 6659
A close over 6570 augurs for a test of 6720.
Trade accordingly.
March Sugar Recommended Position Long at 1203 and 1169
Support near 1136 should hold a close under augurs for a test of 1110 to 1105 Resistance is 1150 and
1155. a close over 1155 is friendly for a test of the 1164 to 1169 region. .
March Coffee Recommended Position Long at 158.80
On the Upside ,Resistance is near 160.50 and 161.50 beyond that 163.85 and 16420 , above that 165.50 to 166.50 . Traders should sell / exit at 165.50 then risk a close over 166.50 for two days in a row. More sellers should appear near 168.80 and 170.60
Stay Tuned ...
If the Coffee Boils Over traders should Sell at 179.90 risk a close over 181.00 for two days in a row.
On the Downside, Support is near 159.05 , 'well heeled day traders' can add or go long at 159.10 , risk a trade under 155.00 A close under 156.50 augurs for a slip to the 152.90 region. Beneath that 150.50 to 148.10 offer support. Traders can go long at 149.60 , risk a close under 145.10 for three days in a row.
Trade accordingly
March Cocoa
Resistance is near 1563 and 1585, traders should sell at 1576 , risk a close over 1603 for two days in a row. beyond 1609 to 1615 offers resistance.
Support is near the 1535 region with the 1511 to 1496 region beneath that. A close under 1496 augurs for a slip to 1459 , under that 1421 should stop a severe decline, go long for a position at 1421.
The Lively Livestock
Feb. Cattle Recommended Position, long at 6622
Support is near 6405 and the 6397 with 6382 under that.
Sellers should appear near 6457 and 6532 . However a close over 6510 is friendly for a test of 6577 region.
April Live Cattle Recommended position long at 7170,7150,7130 and 3 at 6845 (avg. 6997)
Support is 6650 and 6607 below that 6575 should hold. Resistance is near 6725. A close over 6725 augurs for a rally to the 6797 / 6810 region .
A close over 6677 is friendly
Trade Accordingly.
Feb. Hogs Recommended Position
Support is near 5740 and 5640 Resistance is near 5792,. A close over 5792 augurs for a test 5840.
Beyond that 5922 is likely a trade .
Recommended Spread Position, Long April Short June Hogs, 5 at 817 and 5 at 757
(April under June) Hold.
Feb. Bellies Recommended Position Long at 5622 , 3 at 5447 , 4 at 5090)
Resistance is near 5055 to 5067 the 5127 and 5162 above that 5200 to 5225 should offer resistance . A close over 5165 augurs for a test of 5340 where sellers should appear. Support is at 4997 and 4962 , below that 4857 should hold.
Friendly, Buy Dips and stay tuned.
The Sensational Stock and Bond Markets
March Bonds Recommended Position Short at 121-21
Near Term support is at 123-21 to 123-18 Below that 123-00 should show support. However if Bonds close under 123-21 ,they may go through the 123-00 region like a 'Hot Knife through Butter'. As a failure at 123-00 augurs for a test of 121-31 to 121-17 , below that 121-05 offers support. A close under 121-00 augurs for a test of 120-11 Below that 120-10 to 119-28 offers support.
Resistance is 124-06 and 124-21 which should Cap the Rally for a bit..
-close under 123-21 is negative-
March SP500 Recommend Position Short at 944.00
On the Downside ,Support is near 944.50 and 942.90 under that 938.30 with 934.70 to 931.6 below that. Beneath that 926.80 then 923.60 and 922.20 offer support. Below that 915.60 to 914 offer support. Traders should buy at 915.60 for a bounce only , risk 300 pts. A close under 914.00 indicates a slip to 906.20/906.00 and 904.40. However a close under 904.40 augurs for a test 894.40 and 890.40. If that fails a slip to the 884.90 / 881 region is likely, where some Support should be evident Traders can buy at 881.90 for a bounce. Stay tuned for the stop. Below that 877.70 then 876.20 to 874.60 offer support as does the 868.30 / 866.80 region. Below that 860.30 then 858.90 to 856.00 should bring out a few buyers. Traders can Buy at 853.90 Risk a close under 848.40 for two days in a row...Failure there indicates a decline to 842.90 and 840.60 / 839.10 region . Below that 831.40/830 is likely to trade with 822.30 to 819.40 under that. Below that Buy at 813.40 . Stay tuned for the Stop. Under that buy at 804.40 and hold.
On the Upside Resistance should appear near 952.60 then 953.40 and 954.20. Sell there for a turn , stay tuned for the stop. However close over 954.20 indicates a test of resistance at 958.30. Traders can sell at 958.40, risk a close over 962.50 for two days in a row. Beyond that 964.10 offers Resistance . Good sellers should raise their heads at the 967.30 to 969.50 region with 970.60 and 973.70 above that. Which should cap any rally. If not 982.10 to 983.70 and 986.20 all offer resistance, sell at 986.20, stay Tuned for the stop. Beyond that 987.70 should cap a rally.
Trade Accordingly and stay tuned for new trades designed
to take advantage of moves in either direction.
The Dow Jones Industrial Average(cash)
Initially 7602 to 7587 must hold basis the close if not a dip to the 7513 / 7486 region is likely. With 7486 being critical. Basis the close. Below that 7462/ 7457 offers some support. A close under 7457 augurs for a test of 7428 and 7414 which should bring out a few buyers . If not a decline to 7342 and the 7242/ 7226 region is likely. A close under 7242 is negative for a decline to 7170 , under that 7088 and 7003 should stop the break. If not a test of 6954 is likely.
Resistance is near the 7689 region , above that 7720 to 7763 /7777 offer resistance.
A close over 7777 is friendly for a test of 7854 that should encourage traders. A close over 7880 augurs for a test of 7934 to 7954. Beyond that 7974 and the 8029/ 8044 should cap a rally
Happy Trading
Bill
Monday, January 13, 1998
7:37 AM
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