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Intraday analysis of Softs


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Intraday price analysis for chosen Softs for Monday Apr 15, 2019

1.Sugar # 11 [SB] Expiration May19.

The bullish story intraday:We have initial resistance today at 12.78 and finding buyers at this level will have us tag 12.82 and 12.89 in quick succession.

The bearish story intraday:If we fail to take out this initial resistance, expect us to find decent support intraday at 12.70, failing which we have 12.66 and below there, 12.59 should hold prices for this low volume Monday.

2.Coffee 'C' [KC] ExpirationJul19.

The bullish story intraday:Coffee is finding some buying here in the early session and we have sailed nicely above initial resistance of 93.17 so 93.54 looks entirely possible. Above that is good resistance at 94.17.

The bearish story intraday:If secondary resistance holds in the 93.54 area, sellers could push this right between initial resistance and support levels which sit between 93.17 and 92.43 respectively. Below there, is some support at 92.06 and failing that could see sellers finding a wall of support at 91.43 which should halt any further losses for the day.

3.Cotton # 2 [CT]Expiration May19.

The bullish story intraday:Cotton too, has sailed above initial resistance here today which is at 78.23. Continued buying could see us finding resistance at 78.44 and above there is good resistance all the way up into 78.80.

The bearish story intraday:Pushing back lower from secondary resistance will find support at 78.23, and below there is good support intraday at 77.79. If we cannot hold that, we will find support levels at 77.58 and 77.22 respectively to make it a gloriously range bound day, with prices remaining between the 77~78 price handles.

4.Cocoa [CC] ExpirationJul19.

The bullish story intraday:Recognize that we are covering July expiration for Cocoa. There is initial resistance at 2417. Above here we could see us finding some sellers at 2424 and if buyers push, we should halt our gains at 2437.

The bearish story intraday:Initial support is 2401. We should hold this today but if we dont and sellers make a showing, expect 2394 and 2381 in quick succession and the losses to hold those levels for the intraday.

5.Orange Juice [OJ] Expiration May19.

The bullish story intraday:Appears to be finding resistance at 107.02 but if we overcome this we will go to 107.70 and above there will likely hold gains for the intraday at 108.82.

The bearish story intraday:Inability to hold 107.72 will have us seeking out 105.68 which should hold losses for the intraday. If we do not hold that and sellers make a showing today, expect 105 even followed by 103.88 below which we will setup a bearish candle for the medium term timeframe.

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About the author


Murali Sarma, Vice President of Business Integrations Inc., is an internationally known commodities analyst, author, trader and business consultant who has demystified commodity trading and introduced numerous futures trading strategies and indicators to traders - professional, non-professional and the novice trader - throughout the world. Murali began his trading career in the pre-dot-com bubble in 1998, electing to seek instruments to trade which had lesser volatility and offered more predictable analysis. From about 1999 to 2002, Murali traded out of the UK and moving to the US after that and working mostly independently with individual traders while learning from some of the best analysts and traders. While not being formally certified as a commodities trader, Murali preferred to hone in on his analysis and trading skills versus adding academically to his credentials. Murali believes that is isn’t about being right or wrong on your calls, it is about making money!

Murali has helped several traders become successful over the last 10+ years of active futures trading and has a strong following of traders who like to seek out opportunities in the futures markets on a daily basis versus following the old “buy & hold” investing adage. While not being opposed to switching hats and becoming an “investor” every so often with swing trades in the equities markets, Murali prefers to trade what he can see on charts using multiple timeframes and handcrafted indicators suited for all types of markets. Murali excels in trading sideways and choppy markets with a scalping style of being in-out of intraday markets when there is no defined trend, and on most other days prefers trading to his own computed target levels during the intraday timeframe, while following the trend.

In recent months, Murali has started a Twitter based alert service for intraday futures traders who like to trade commodities and index futures, and elected to blog post his daily analysis in commodities like WTI Crude & Gold and index future instruments like YM, NQ, ES & RTY. You may contact him via his email at info@tradeguidance.com

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