Archive for February, 2010
The near term resistance levels for today are located at the 1100.00 level from last nights after hours session trading, and next at the 1101.50 and 1103.50 levels from previous weeks trading. There are no price levels above the 1103.50′s that hold any remaining significant SHORT inventory.
Our near term support levels for today start with minor levels at the 1095.25′s, 1092.50′s, and the 1092.00′s. The next lower levels of moderate support are located at the 1086.25′s, 1083.25′s, and the 1079.50′s. Key last levels of LONG inventory support are located at the 1068.00′s, 1065.50′s, and last level at the 1060.50′s.
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For this 4 day trade week, we start today Tuesday with our near term support at the 1079.50 and 1075.00 levels (weak support). The next levels of moderate support are located at the 1068.00 and 1065.00 pricing levels. Our final and last zone of any significant resting LONG inventory support is at the 1060.00 level.
The first near term resistance level for today is located at the 1084.75′s which has already been slightly traded through in the pre-market (trade so far to the 1086.50′s). We are still holding significant SHORT inventory from the 1077.00′s and 1084.75′s from several trade days ago, so this area will be key to watch right out of the US cash session open. Our next upper levels of held SHORT inventory resistance are located at the 1091.75′s and then at the 1098.25′s pricing levels for today.
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Near term support for today is at the 1060.50 area of price, this is the lowest pricing level which currently still has resting held LONG inventory (no more LONG inventory being held of any significance below this level).
The market has minor near term resistance starting at the 1072.00 level and major resistance at the 1079.50′s for today. Next levels remain at the 1085.75′s and the 1091.75′s as before. 1079.50′s will be a very key level to watch for the day with any market strength as well as the 1060.50′s will be important in any market weakness.
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For today we have near term support levels located at the 1056.25′s area of price. If all held LONG inventory indexed to the 1056.25′s area of price goes neutral we will be back to a major Inventory Grab event with no more significant held LONG inventory in the March contract remaining.
Our near term and extended resistance levels start at the 1071.50′s with next at the 1072.50′s pricing level. More significant multi-day resistance remains at the 1077.00′s and next multi-day levels above this key 1077.00′s area of price is the 1085.75′s and the 1091.75′s.
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The market has first level of near term resistance at the 1072.50′s from recent after hours distributions (weak level) and first primary resistance at 1077.00′s There is multi-day held resting SHORT inventory that will come into play with any trade back up to the 1077.00 level (from previous days trading at the 1070.50′s/1074.00′s/1077.00′s pricing levels…..still previous days SHORT inventory being held). Above the 1077.00′s resistance we have next levels at the 1085.75′s and the 1091.75′s.
For near term support we have the 1062.50′s (weak) from after hours session trading and next at the 1058.00′s which is the last zone of resting long INVENTORY………no more significant held inventory is indexed to any lower pricing level below the 1058.00′s.
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