Sunday, March 21, 2010

TraderSmarts Numbers for the YM Emini Futures - Monday March 22, 2010

Support becomes resistance and vice versa...

10677, 10699, 10724, 10757, 10777 Resistance on the YM Emini Futures

10630, 10604, 10571, 10539, 10470 Supports

Trade smart and trade well!

YM: Latest Daily Chart Update - An Updated Look at the Daily Chart of the YM

CL: Every test of the upper end of my 79.7-82.7 range has been met by hard selling. I have been trading around a swing short position in my range to better c/b for four weeks now. Still expecting a CIT from this range but prepared for a move up to 87.50 if we can close over the close of March 17, 2010. I do still expect an eventual 57.50 test in CL.

Someone asked me how can I go from expecting a CIT in my range to now saying I'm prepared for a move up to 87.50. We have been in this range for 4 weeks - first hitting the lower end of it on 2/19/2010. It wasn't until the Update for March 18th that I first mentioned 87.50. If you look at the chart - on March 17th we had the highest close of the entire 4 weeks AND closed OVER the top of my range for the first time in those 4 weeks. And this followed a sharp reversal down and then up - indicating strength. Now we have sold off again. Anyway with the strength of the reversal and the close over the high of the range for the first time I had to look for targets above if we broke up, instead of down as I am expecting. 87.50 is the logical target if it can break up out of this 79.7 - 82.7 range I have had for over a month. I am expecting a CIT and move back down to 76 minimum but time will tell and markets are not static. We must be prepared for everything.

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