FuturesTechs Blog

Here at Futures Techs we cover, on a daily basis, Brent Crude Oil, GasOil, NYMEX WTI (AKA Light Sweet Crude), Natural Gas and Carbon Emissions. Below is today’s comment and levels for Brent Crude, where we’ve seen a good move in recent sessions.

A bullish breakout on Wednesday was backed up beautifully by another strong session yesterday as we traded up from 80.41 to 82.40. In overnight trade we’ve extended these gains and have printed 83.01 as we write, getting above the next big resistance, the 82.94 high seen on August 4th.

So it’s all going rather well for the bulls and we’re now looking up to see where this can go next. The next big resistance dates back to early May and is the high/failure back then; 89.58.

That’s right. The next big resistance is 7 bucks away.  83.75 and 87.00 might try and have a say in the meantime.

Chart Levels

__________

R7  - 86.98

R6  - 86.28

R5  - 85.95

R4  - 85.00

R3  - 84.18

R2  - 83.75

R1  - 83.25

_____________

S1  - 82.94

S2  - 82.40

S3  - 82.11

S4  - 81.45

S5  - 81.13

S6  - 80.41

S7 -  80.00

Yesterday’s low was 1135.50, which was more or less a hold of our S1 support at 1136.50, and was most definitely a hold of our first bold support at 1131.75.

We are still bullish then, and still hoping that 1150 will be taken out soon to see the market getting over this current bout of nerves.
Once through 1140 we can gun for 1174.75, the highest print we’ve seen in this one since May’s “flash crash”.

Below are today’s support and resistance levels, the importnat ones in bold type.

R7  - 1166.25

R6  - 1159.50

R5  - 1153.75

R4  - 1149.75

R3  - 1146.75

R2  - 1144.50

R1  - 1141.25

S1  - 1136.50

S2  - 1134

S3  - 1131.75

S4  - 1127.25

S5  - 1120.75

S6  - 1117.25

S7  - 1114.25

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The market looked damp right from the start yesterday, in fact even before the FTSE had opened the DAX and Stoxx had failed to hold gaps that they’d created with strong opens, so you could argue that the bulls had lost control of the impetus even before the FTSE opened.

But it never felt like it was going to be a big nasty down day, and sure enough we only sold off to 5545. We had bold support at 5548 as this is the Marabuzo line of the large green candle that we posted on Friday. So this has held, but may come under pressure again today.

We turn bearish below 5435; last week’s low.

We think the market is edgy and nervous for now. There is lots of volatility but little firm direction, which is the sort of thing one often sees at turning points.

Below are today’s support and resistance levels worthy of note.

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After a strong session on Thursday that saw us back into positive territory we had a weak day on Friday, but we held above the 130.67 level that has now become our reference point to stay with the bulls.

So this looks like a buying opportunity in a market that is embarking on a resumption of an uptrend, a market that has just seen a pullback within the uptrend, and a market that should now be thinking about retesting the highs at 133.26.

If 130.65 fails to hold the bulls have one more opportunity to salvage things, a gap at 130.25.

Below are the short term support and resistance levels, the important ones highlighted in bold type.

As well as the Bund we also cover the Bobl, Schatz, Euribor, Short Sterling, US 10 Year Notes and 3 month Eurodollars, offering a comprehensive coverage for Futures days traders. Please ask us for a free trial to see if we can complement your current daily routine.

September 22nd 2010 Gold Futures Commentary for FuturesTechs customers:

We got bullish of Gold on August 9th when it broke above 1200. We had 1266.5 as a target from that moment. This target was reached on September 14th, and has been exceeded since. Over this time we’ve also introduced 1291 into the picture as the next target once 1266.5 was seen off.

This next target was reached yesterday as the market rallied strongly on the Fed. We have printed 1293.5 in overnight trade, and there doesn’t appear to be any let-up in this move.

We have also mentioned 1340 as a target to the upside using Elliott Wave/Fibonacci extension analysis. So we’ll look for 1340 now, and we’ll continue to ask that 1266.5 and/or 1259.2 hold firm as support on any pullbacks.

Don’t fight a trend like this!!!!
Chart Levels

R7        1375
R6        1350
R5        1340
R4        1325
R3        1310
R2        1300
R1        1293.5

S1        1288
S2        1280.4
S3        1276.5
S4        1272
S5        1266.5
S6        1259.2
S7        1251.9

For our full report, including Automated levels, Chart, and our unique “SkewBar”, clearly defining the current trend, please ask for a Free Trial using the buttons above.