FuturesTechs Blog

This morning’s support and resistance levels in the Eurostoxx 50 Futures included 2957 as an important reference above and 2925 as our first support below. It is Midday now (in the UK) and the range has been 2926-2958. This is the kind of reliability our customers depend on us for.

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Today’s Comment and Chart for the Eurostoxx 50 Futures:

Stoxx opened towards Mondays low at 2940, tested higher at 2952 and then drifted to 2925 into midday. A rally into the cash close up to 2950 wasn’t sustained after hours, and the close at 2936 confirmed the previous days Bearish Engulfing candle.

Although there was an uptick in volume the confirming candle didn’t breach any support levels so we’re bearish, but somewhat  tentatively.

Marabuzo resistance remains at 2957. The 76.4% retracement of the February - March bear move remains at 2983.  Horizontal and Marabuzo support stands at 2918 and 2912 respectively.

FuturesTechs covers a number of contracts within the Energy complex; Brent Crude, GasOil, NYMEX WTI, Natural Gas, and Carbon Emissions.

As well as this our Commodity coverage includes Gold and Silver, plus Corn, Wheat and Soybeans.

Below is today’s Brent comment and chart. We also provide Support and Resistance levels, gleaned from our analysis of the charts, plus “Automated” levels from things like Pivot Points, Moving Averages, and Market Profile.

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Thursday’s high was 126.66. Shy of the 127.02 high from April 11th (looking at the continuation charts).

Friday’s high was 126.10, and yesterday’s high was 126.54, so we have some resistance to worry about all of a sudden.

We also have a potential reversal of the “Double Top” variety, but ONLY if we see a sell off through 119.03, which is our S7 support today, so is still a while away from becoming a reality.

I’ll keep it simple today. I was on CNBC last night, when I talked about Short Sterling, the Dollar Index, and Silver, and what the Candlestick Charts are showing us on those markets.

Please  Click here to go to our “Media” page to see the Video.

Happy long weekend to all. I love a good wedding!

As the FTSE Futures near important resistance levels, the Year’s highs, we posted a comment this morning that started off in our normal level headed manner, then descended into something of a rant! Here it is for all to share!!!

“Today could be all about 5950. A hold above here keeps the bulls in the box seat and suggests we can head to 6030 then 6086.5″.

Stop there! Say no more. We held 5950. We bounced from a low of 5968 to hit the heady heights of 6033.5 by the day session close, getting up to 6039.5 in the after hours trade, and 6044 in today’s overnight trade.

So we are seeing off 6030 and now have our eyes trained upon 6086.5-87.5, the February high. This rally is on low volume. Back it while it lasts, but don’t be surprised if it doesn’t, and don’t come crying to me if it falls over, because I’ve been worrying about this and warning about it all the way. Houses built on sand don’t stay up for very long. Rant Over. Enjoy the Wedding!

As well as the FTSE FuturesTechs covers 22 markets every day, giving Chart, Support and Resistance levels, plus Commentary each morning before the markets open. This award winning service is widely read by Investment Professionals, and some of our clients have been with us since we started over 10 years ago.

If you are an Individual Trader please go to http://www.futurestechs.co.uk/trial/ to request a free trial of our Web-based service.

The same reports are available to Fund Managers, Brokers and “Pro” Traders in printable format. If you are in this category please request a trial at http://www.futurestechs.co.uk/professional_trial/

Last Thursday we highlighted Silver, which we described as being “on a tear”. We have since added 10% then given back 10%, rejecting a high just shy of the psychologically important 50 bucks mark. Here’s what we’ve put out to our clients today:

“This is no reason to go short. Selling something that’s going up is dangerous, bordering on stupid. Sure, it probably can’t go on, but for now there’s no signs of a reversal in sight”.

This line from last Thursday’s report seemed to create a bit of a stir and it looks like it was quoted on at least one newswire story. So what is a sign of a reversal?

A candle with a large range but a really small real body? Yes, that sort of thing Like yesterday’s? (A Long Legged Doji, to give it a name). Precisely….

Yesterday this one traded up to 49.820. In today’s overnight session we have traded over 10% off of this high. Interesting times. Where did we top out the last time around, when Bunker Hunt was buying all the Silver in sight? 50 bucks, give or take…

Channel support is 42.735. We would “call a top” if the market drops through here, especially if it happens quickly.

Here at FuturesTechs we cover 22 markets every day, giving Chart, Support and Resistance levels, plus Commentary each morning before the markets open. This award winning service is widely read by Investment Professionals, and some of our clients have been with us since we started over 10 years ago.

If you are an Individual Trader please go to http://www.futurestechs.co.uk/trial/ to request a free trial of our Web-based service.

The same reports are available to Fund Managers, Brokers and “Pro” Traders in printable format. If you are in this category please request a trial at http://www.futurestechs.co.uk/professional_trial/

Below is today’s sample of one of our reports, looking at Silver, which is “going parabolic” as we put it!

We cover 22 markets every day, giving Chart, Support and Resistance levels, plus Commentary each morning before the markets open. This award winning service is widely read by Investment Professionals, and some of our clients have been with us since we started over 10 years ago.

If you are an Individual Trader please go to http://www.futurestechs.co.uk/trial/ to request a free trial of our Web-based service.

The same reports are available to Fund Managers, Brokers and “Pro” Traders in printable format. If you are in this category please request a trial at http://www.futurestechs.co.uk/professional_trial/

Further gains since we last wrote, and this is “going parabolic” now, it seems, adding solid percentage gains by the day. A month ago we were trading around $35, so have added near on 30% in that short space of time. This is no reason to go short. Selling something that’s going up is dangerous, bordering on stupid. Sure, it probably can’t go on, but for now there’s no signs of a reversal in sight. There is scope for this move to head to 47.580 in the short term as this is where the top line of the channel sits. The daily RSI is at it’s highest reading since April 2006, but as we said earlier in the week this isn’t a sell signal per se, a move back below 75 from here gives a sell signal…

From today we plan to post one of our Technical Analysis Reports on this Blog on a daily basis as a sample for anyone interested in a Free Trial. We will focus on a market that is showing something interesting from a technical point of view.

We cover 22 markets every day, giving Chart, Support and Resistance levels, plus Commentary each morning before the markets open. This award winning service is widely read by Investment Professionals, and some of our clients have been with us since we started over 10 years ago.

If you are an Individual Trader please go to http://www.futurestechs.co.uk/trial/ to request a free trial of our Web-based service.

The same reports are available to Fund Managers, Brokers and “Pro” Traders in printable format. If you are in this category please request a trial at http://www.futurestechs.co.uk/professional_trial/

In today’s “Forex Lunch” report we highlighted a Flag Pattern in Cable (GBPUSD):

Cable has been in a consolidation pattern since late January, trading in a broadening range between 1.5937 and 1.6429. Recent price action within this range has formed a pattern known as  a flag, consisting of a short term counter trend channel after a significant directional move. The counter-trend channel is highlighted by the red arrows, whilst the flag ‘pole’ is highlighted by the green arrow. This formation would be confirmed by a close above the down trend channel at 1.6336, with additional confirmation given by a close above Horizontal resistance at 1.6429. The implication of this formation is a move to 1.6828.

It was interesting stuff as the bulls had a look at the August high before turning tail and letting this drift back a level.

The high was exactly at 2849 (we had suggested thinking in terms of a 2842 - 2849 resistance region after the 2842 high on Wednesday).

Stochastics have reached the overbought region and we’re glad to stay bullish here for the moment. But our tight stop at 2801 does seem well-advised given the strength of this latest confirmation of resistance. Note that there are “Evening Star” possibilities if this closes below Wednesday’s nearby Marabuzo line at 2796. We’ll continue to back the bulls at the current levels.

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Below are Support (S1 to S7) and Resistance (R1 to R7) levels. On our daily Technical Analysis reports we also include a chart, “Automated” levels including Pivot Points, Market Profile levels and popular Moving Averages, as well as our unique “SkewBar”, giving you an instant snapshort of the current short term trend.

Our daily analysis is read by Prop traders, Brokers and Fund Managers. Please feel free to request a Free Trial of our service.

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R7  - 2956

R6  - 2913

R5  - 2895

R4  - 2876

R3  - 2864

R2 - 2849

R1  - 2835

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S1  - 2813

S2 - 2796-2801

S3  - 2786

S4  - 2770

S5  - 2742

S6  - 2733

S7  - 2710

We posted a large red candle yesterday in ICE Brent Crude Oil and if you combine the 9th and 12th May on the Daily Candlestick Chart you get a Bearish Engulfing Pattern. Does this means we’ve seen a top? Hang on a second! The phrase “One swallow doesn’t make a summer” springs to mind!

If anything a bit of a pullback in Brent Crude and NYMEX Crude wouldn’t do any harm to the Bulls, as it’s not healthy to go up in a straight line. The buyers are bossing things right now and we don’t think any pullbacks will last long (4 days of weakness at the end of April were taken back in just 2 sessions).

On the other hand Equity markets look like they’re struggling, and the old adage of “Sell in May and go away” is being rolled out left right and centre.

The “full version” of this phrase is “Sell in May, Go away, come back on St. Leger’s Day”. St. Legers day is a horse racing festival in September, by the way! (It’s held in Doncaster, a place that will be feeling rather down in the dumps come September because they’ll still be playing League 1 football after Southend United beat them in the Play-offs this Friday).

I digress! Back to Equity markets: The Eurostoxx 50 Future is one of our favourite benchmarks. It’s a great contract to trade, with lots of volume, decent enough volatility, and no horrible periods of illiquid trade. We have broken trend support in this one today (13th May) and if we close below 3760 we’ll look for further weakness going forward. 3674 is our first target to the downside. Once we get through here 3545-75 is the next area of support to target.

We are planning to try out adding a few Individual Equity recommendations to the members area of our website, including daily technical analysis on Vodafone (far and away the most actively traded stock in the UK) and a “pick of the day” from elsewhere in the FTSE 100.