Intraday Commentary – 6/10/10
Time posted: 9:46am UTC
We are rolling to the September contract today and that in itself usually results in chop.
Our longer term charts are stating that this is a pullback in a downtrend market. and we are back at the resistance area of yesterday so we’ll see what the day brings. If we break above the 1074 area we’ll analyze for trend changes and I update on short opportunities in the comments section as we go.
See Comments for actual trade exit recommendation times and points
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A continued push up sees 1080 and 1087 as targets with 1083 possibly being a major area of resistance
1070 – 1071 is our support level that if broken should see 1065. Going Long is a counter trend trade so if in, be very careful, especially since it’s roll day.
The 1068 area is offering strong support. We could see a bounce up. As expected, chop is the name of this game so far today…
If you re-entered on the break of the 1074 area, trail as we may be in consolidation
We are in the final hour. Let’s see if we can get a move of substance. The upside targets are 1080-1083 and 1087 and if we break hard to the downside past
Be careful as we are at target.
if we break back hard to the downside past 1077.50 we’ analyze
trail by what you are willing to give back
major res area here at 1082.5-1083 so tighten in case we stall and pullback
Wow. what a day… slower than expected but…