DXU18 – I went long yesterday at 95.13, stop at 94.70. I’m still long at the moment, haven’t been stopped out so will wait to see if this one bounces as I suspect it might. The price has not been below the 40 day moving average by more than 50 points at any stage since the rally started. My intention was to go long the December contract but September was still on my contract monitor and the price level looked familiar so I missed that detail. The low was 94.705 so that was slightly lucky given the contract is now trading at 94.84. With the contract roll more selling could be expected although Open Interest is already half of it’s ‘front month’ volume (around 50k).
GCZ18 – Gold has got another lift, however I am not sure whether this is a buy or a sell zone. The price is below the previous High from the 28th of August but it’s found some support around 1200 and looks to be building towards the move higher.
KCZ18 – Coffee traded down to the low right on 100 before having a bounce of around 1.6 percent. It still seems to be stuck in the down trend but I think a few more days of support at these levels will see the price shoot higher towards 107.
ZWZ18 – Another big down day for wheat confirming the same old pattern we have seen three previous times. It is gone down to 500 but I’m not sure where to from here.
CCZ18 – Cocoa is still returning my interest with a price again holding it this area between 2250 and 2400. Makes me think it’s going to try and push through the 200 day moving average shortly.
SBV18 – A massive up day for sugar just as it tails off in volume. I need to start watching the next contract.
HGZ18 – I think copper might be moving into a selling zone but it’s not there yet.
ZSX18 – I went short soybeans last night at 826 thinking the price had made a break but it was a false move and I got stopped out at 831.
ZMZ18 – A day of surprising strength for soybean meal and something I might catapult the price back up towards 324 at least, if not higher.
ZOZ18 – The price action in oats might be similar to that seen in wheat where we saw a pattern repeated after making a high. In this case the large selling day followed by some sideways consolidation for a couple of days before another big down day.
RSX18 – I’m not really sure where to put yesterday’s price action I would think it implies the market might be making a low before 487 level but I’m not sure.