Follow
Subscription Form
Translate
?php echo do_shortcode('[gtranslate]'); ?

May Silver Futures Hit $30?

Could Silver Futures Hit $30?

Silver Futures

Silver futures within the July contract settled final Friday in New York at 25.87 an oz whereas at the moment buying and selling at 27.48 up over $0.60 for the week, persevering with its bullish momentum as costs are close to a 2 1/2 month excessive.

I’ve been recommending a bullish place from across the 25.85 stage, and in the event you took that commerce, proceed to put the cease loss beneath the two-week low standing at 25.74 on a closing foundation solely as the correct exit technique. The following main stage of resistance stands on the 28.00 / 28.25 stage as that may very well be damaged in subsequent week’s commerce, and if that does happen, I believe we are going to take a look at the 30 stage quickly.

I even have a bullish platinum advice, and I believe gold and copper will proceed to maneuver larger as I see no motive to be quick this sector. The usdollar has hit a two-month low this week as that could be a bullish issue in direction of silver coupled with the truth that the 10-year word has hit a two-month low in yield at 1.53% as this market basically and technically talking has all the things going for it, so keep lengthy.

TREND: HIGHER
CHART STRUCTURE: SOLID
VOLATILITY: HIGH

Copper Futures

Copper futures within the July contract is buying and selling larger for the third consecutive session, up one other 1260 factors or 2.75% at 4.7285 a pound, hitting an all-time excessive this week as this gravy prepare continues its bullish momentum.

I am not concerned, however you probably have been following my earlier blogs, you perceive that I have been bullish copper for fairly a while as I assumed the 4.00 stage can be damaged months in the past. It did happen, and now I believe the 5.00 stage is within the card as this market is extremely sturdy as I see completely no motive to select a high and promote.

Copper costs are buying and selling far above their 20 and 100-day transferring common. This development is extremely sturdy to the upside as there are large shortages because of the Coronavirus scenario over the past 12 months or so. It’s affecting many alternative sectors, together with copper. The volatility stays excessive, and that scenario isn’t going to vary. It can develop into much more violent, particularly if we cross the 5.00 stage within the coming weeks forward, as this most likely is the strongest development out of all commodities on the present time. In case you are lengthy a futures contract, proceed to put the cease loss beneath the 10-day low standing at 4.41 on a closing foundation as the correct exit technique.

TREND: HIGHER
CHART STRUCTURE: SOLID
VOLATILITY: HIGH

Platinum Futures

Platinum futures within the July contract is at the moment buying and selling at 1,254 an oz after settling final Friday in New York at 1,205, up about $50 for the week as costs are proper close to a 3 month excessive.

I’m now recommending a bullish place whereas putting the cease loss beneath the March fifth low of 1,115 as the chance is round $7,000 per contract plus slippage and fee. Nevertheless, the chart construction will enhance later subsequent week; subsequently, the financial threat will likely be lowered tremendously.

Platinum costs look to maneuver a lot larger, in my view, as traditionally talking, they nonetheless look low cost. All the treasured metals sector appears to proceed one other leg larger within the coming months forward, and I see no motive to be quick something.

I even have a bullish silver advice that continues to maneuver larger as costs are buying and selling above their 20 and 100-day transferring common, telling you that the development is to the upside. This 12 months has among the strongest tendencies I’ve skilled in fairly a while.

The following main stage of resistance stands on the 1,275 stage. If that’s damaged then, costs might commerce up for the 1,500 space within the coming months forward as there a major room to run, particularly if the U.S. greenback continues its bearish momentum coupled with the truth that rates of interest stay traditionally low because the 10-year word is yielding 1.50%.

TREND: HIGHER
CHART STRUCTURE: SOLID
VOLATILITY: HIGH

Pure Gasoline Futures

Pure gasoline futures within the June contract is at the moment buying and selling decrease by 2 factors at 2.91 after settling final Friday in New York at 2.93, principally unchanged for the week having hassle breaking the important 3.00 stage in my view.

I’ve been recommending a bullish place from across the 2.66 stage and in the event you took that commerce, proceed to put the cease loss on a closing foundation solely beneath the 10-day low of two.73 as an exit technique.

The chart construction is excellent; subsequently, the chance/reward stays in your favor. Nevertheless, for the bullish momentum to proceed, costs have to interrupt the three.00 space, after which I will likely be including extra contracts to the upside as that would occur in subsequent week’s commerce, so be nimble and look to be a purchaser. All the vitality sector continues its bullish momentum, and I do not assume that scenario goes to finish anytime quickly.

I believe crude oil costs will go considerably larger all through 2021 because of the Biden administration’s battle in opposition to fossil fuels. I see no motive to quick any commodity. Essentially talking, costs moved decrease on forecasts for above-average temperatures to return to the U.S. after the center of this month. Maxar on Thursday stated that below-normal temperatures are anticipated within the jap half of the U.S., with above-normal temperatures for the West and Southwest from Might 11-15. Nevertheless, above-normal temperatures are then anticipated for a lot of the U.S. from Might 16-20.

Weak spot in home demand can be bearish for costs as nat-gas demand within the decrease 48 U.S. states on Thursday fell -10% y/y to 56.6 bcf.

TREND: HIGHER
CHART STRUCTURE: EXCELLENT
VOLATILITY: HIGH

Wheat Futures

Wheat futures within the July contract is buying and selling larger by 2 cents at 7.54 a bushel after settling final Friday in Chicago at 7.34, up about $0.20 for the week as costs have now hit an 8 12 months excessive.

I’ve been recommending a bullish place from the 6.65 stage and in the event you took that commerce, proceed to put the cease loss beneath the 10-day low on a closing foundation solely at 7.11 as the correct exit technique. The chart construction is not going to enhance for an additional eight buying and selling classes; subsequently, you’ll have to settle for financial threat. The volatility continues to escalate the upper the value goes, and that scenario is not going to finish for months to return.

Wheat costs are buying and selling far above their 20 and 100-day transferring common because the development is powerful to the upside as the entire grain market continues its bullish momentum this week because it doesn’t appear to be a high has been shaped at this level. The following main stage of resistance stands on the 8.00 space, and if that’s damaged, you would see a major rally within the coming weeks forward, so keep lengthy as I see no motive to be quick wheat or any commodity or any asset class presently.

TREND: HIGHER
CHART STRUCTURE: SOLID
VOLATILITY: HIGH

Rice Futures

Rice futures within the July contract is at the moment buying and selling at 14.42 after settling final Friday in Chicago at 13.69 as costs have hit a recent one 12 months excessive, persevering with its bullish momentum. I nonetheless assume it nonetheless appears low cost particularly in comparison with the remainder of the commodity markets, together with corn and soybeans.

I’ve been recommending a bullish place from across the 13.60 stage. If you happen to took that commerce, the cease loss has now been raised to 13.38 as an exit technique on a closing foundation solely because the chart construction is excellent; subsequently, the chance/reward stays in your favor.

Rice costs are buying and selling above their 20 and 100-day transferring common because the development stays sturdy to the upside. The following main stage of resistance is standing on the 15.00 space, which may very well be touched subsequent week as there may very well be vital room to run on this commodity within the coming months forward. Keep in mind, rice is essentially the most eaten commodity globally and might expertise super worth swings attributable to drought or flood or, on this case, sturdy demand, so keep lengthy as I see no motive to be a vendor.

TREND: HIGHER
CHART STRUCTURE: SOLID
VOLATILITY: HIGH

Espresso Futures

Espresso futures within the July contract settled this Friday in New York at 152.90 a pound as costs are hovering proper close to a 4 1/2 12 months excessive.

I’ve been recommending a bullish place from across the 126 stage, which on the time was a counter-trend commerce that has labored out effectively, and in the event you took that advice, proceed to put the stop-loss beneath the 10-day low standing at 25.74. The volatility is beginning to choose up tremendously the upper the value goes, and I nonetheless assume there’s an opportunity that costs might hit the 200 stage, particularly if adversarial climate circumstances persist, as I witnessed in 2014.

I’ve many bullish suggestions within the gentle commodity sector, and I see no motive to be quick, so proceed to be a purchaser and reap the benefits of additional weak spot as there’s room to run. Espresso noticed energy after the Worldwide Espresso Group (ICO) reduce its 2020/21 world espresso manufacturing estimate to 169.633 mln luggage from a earlier estimate of 171.896 mln luggage and reduce its world 2020/21 espresso surplus estimate to +3.286 mln luggage from a previous forecast of +5.258 mln luggage.

Fund shopping for can be propelling espresso costs larger on concern extreme dryness in Brazil could curb espresso yields. Somar Meteorologia reported Monday that rain final week in Minas Gerais, Brazil’s largest arabica rising area, measured 0.2 mm, or solely 2% of the historic common. That measurable rain is unlikely via Might 25.

TREND: HIGHER
CHART STRUCTURE: SOLID
VOLATILITY: HIGH

Sugar Futures

Sugar futures within the July contract settled final Friday in New York at 16.98 a pound whereas at the moment buying and selling at 17.53, hitting a recent contract excessive this week, persevering with its bullish momentum. All the gentle commodity sector stays in a longer-term secular bullish development.

I’ve been recommending a bullish place from across the 17.10 stage. If you happen to took that commerce, proceed to put the cease loss beneath the 16.93 as an exit technique on a closing foundation solely, which is a vital facet to recollect. Sugar costs are buying and selling far above their 20 and 100-day transferring common because the development is to the upside as this commodity continues to experience the coattails of crude oil larger weekly. I see no motive to be quick. I will likely be including extra contracts as soon as the chance/reward turns into extra in your favor, presumably subsequent week, as I nonetheless assume the $20 stage will likely be breached.

Essentially talking, costs are seeing help from the dry circumstances in Brazil, which is able to curb sugar yields. Maxar stated that Brazil’s Middle-South, the nation’s largest sugar-growing area, is predicted to see dry climate via Might 9 with restricted rains over the following ten days. Final Thursday, Czarnikow stated rain in Brazil’s Middle-South area from October via March was 36% under common, the most important drought in additional than a decade.

Sao Paulo, which makes up 68% of Brazil’s complete cane manufacturing, has seen the driest climate in 20 years in 5 of the six months via March, and yield losses may very well be as excessive as 20% in some areas, in accordance with Somar. Additionally, Wilmar Worldwide, on April 19, stated that due to extended dryness, Brazil’s 2021/22 cane crop “could barely attain” 530 MMT, down -12% y/y and the bottom in a decade.

TREND: LOWER
CHART STRUCTURE: SOLID
VOLATILITY: LOWH

Orange Juice Futures

Orange juice futures within the July contract completed larger by 235 factors at 113.35, breaking a nine-day dropping streak earlier this week as this by far is the weakest member out of the gentle commodity sector.

I’ve been recommending a bullish place over the past month or so from across the 110 stage, and in the event you took that commerce, proceed to put the cease loss at 99.00 on a closing foundation solely as the correct exit technique.

There’s little or no recent basic information to dictate short-term worth motion as this strictly has been a technical commerce. Seasonably talking, it is a very quiet time for orange juice costs. On the present time, I even have bullish suggestions in espresso, cotton, cocoa, and sugar as most of this sector is at multi-year highs, however orange juice has been unable to affix the celebration.

Juice costs are buying and selling under their 20 and 100-day transferring common because the development stays to the draw back whereas additionally remaining a counter-trend advice. Nonetheless, I imagine the draw back could be very restricted as the chance/reward stays in your favor to the upside to remain lengthy.

TREND: LOWER
CHART STRUCTURE: IMPROVING
VOLATILITY: LOW

What do I imply after I speak about chart construction and why do I believe it’s so necessary when deciding to enter or exit a commerce? I outline chart construction as a sluggish grinding up or down development with low volatility and no chart gaps. Lots of the nice tendencies that develop have superb chart construction with many low proportion each day strikes over a course of not less than 4 weeks thus permitting you to enter a market permitting you to put a cease loss comparatively shut attributable to small strikes thus lowering threat. Charts which have violent up and down swings aren’t thought of to have stable chart construction as I like to put my stops at 10-day highs or 10-day lows and if the charts have a decent sample that may enable the dealer to attenuate threat which is what buying and selling is all about and if the chart has large swings your cease will likely be additional away permitting the potential for bigger financial loss.

In case you are on the lookout for a futures dealer be at liberty to contact Michael Seery at 630-408-3325 and he will likely be very happy that can assist you along with your buying and selling or go to www.seeryfutures.com

Michael Seery, President
Seery Futures
Fb.com/seeryfutures
Twitter–@seeryfutures
Telephone #: 630-408-3325
[email protected]

There’s a substantial threat of loss in futures, futures choice and foreign currency trading. Moreover, Seery Futures isn’t accountable for the accuracy of the data contained on linked websites. Buying and selling futures and choices is Not acceptable for each investor. My opinion on this weblog are for common data use solely and aren’t supposed as a proposal or solicitation with respect to the acquisition or sale of any futures or choice contracts.



Total
0
Shares
Related Posts