Setups For Night Owls

Some movement on the commodity front – if you’re a night owl or located overseas that is…

Before we get to the setups let’s take a quick look at a symbol I threw out about two weeksCago:

That’s right – coffee futures are still boiling hot – it’s been one big short squeeze. We caught the entry near 243 and took partial profits at 260. I indicated that we may push higher and to keep a few lottery tickets around for a push toward the 300 mark. The odds were low but a close above that coveted 100-day SMA brought in a lot more mojo. Seems like we are going all the way with that one.

Okay, now for a few commodity plays as well as some FX symbols. If you want to play that game you better stick around after hours:
[amprotect=nonmember] Charts and commentary below for anyone donning a secret decoder ring. If you are interested in becoming a Gold member then don’t waste time and sign up here. And if you are a Zero subscriber it includes access to all Gold posts, so you actually get double the bang for your buck.
[/amprotect] [amprotect=1,13,9,12,5]

Cocoa futures – looks like we are sitting on some support here plus we just bounced off the NLSL. If we can hold the 100-day SMA on the hourly panel then we may be pushing toward 3110 or even 3200.

Cotton futures – seems like we are pushing into resistance – very small trading range here. If we drop through that NLSL we could however accelerate lower. Both BBs are starting to drop by the way. First support level around 96.

Copper futures just bounced off S1 (support 1) and if it can hold that 25-hour SMA we may just make it across that daily NLBL.

30-year treasury futures seem to be finding support – I have highlighted two zones on the daily. Interestingly that NLSL was not even touched. Let’s watch the hourly and if it can stay above that 25-hour SMA we may just make it to 138.

10-year treasury futures – I guess the fun is in the middle. Clean rejection of daily NLSL – I have also pointed out S1 and S2. Watch that upper 100-day BB line – if we can stay above it we could be good into that NLBL at 131.

AUD/JPY – one of my favorites. We are very near the daily NLBL at 81.15. I would watch the hourly and especially that 25-hour SMA. As long as we stay above it we are good to for a visit at 81. There we’ll run into resistance on the daily and if you are a cautious trader a close above the 81 mark would be the money shoot for a long into 85.

EUR/JPY – the Europeans are showing the Aussies how it’s done. This is exactly what I want to see on the AUD/JPY. Seems like this one is good until 112 where it should run into the upper 25-day BB as well as both hourly upper BBs.

Well, that should keep you steelrats busy for a while 😉

[/amprotect]