December Corn 4-star support was tested and held yesterday, keeping it intact from 439-442. We define 4-star levels as the most significant and most defined pockets. If you had been Bearish/Short, this would be a spot to reduce or hedge upside. If you're Bullish, this is a well defined place to look for long exposure or adding to it. A retest of this pocket is not what the Bulls want to see, the more times a significant level is tested, the weaker it becomes. The first hurdle today comes in from 449 3/4-452 1/2. Above here and there could be some runway for this relief rally. A retest of last week's breakdown point seems like a mile away, but it wouldn't be far fetched to see that revisited. That comes in from 465 1/2-468 1/2. Technical Levels of Importance (December futures)
November Soybeans November soybean futures are trying to cling to old support, now our pivot pocket, 1134 3/4-1140. The Bulls need to see a strong close above this pocket to spur additional upward momentum. The next upside objective isn't far away from 1147 1/4-1151 1/2. We talked about the breakdown points for corn being an area of interest if the Bulls can catch relief, for beans that breakdown point comes in from 1165 1/2-1169 1/2. Maybe new crop beans can hold it together, but on the old crop, we'd be looking at rallies back to breakdown points as opportunity to take a bearish stance. If you read the tea-leaves, that means we wouldn't be surprised to see it bounce from here, but it also means we are not interested (at the moment) in expressing that opinion in the market via a Bullish stance. Technical Levels of Importance (November futures)
December Chicago Wheat Technicals (December)December Chicago wheat tested and held the 200-day moving average, nearly to a T in yesterday's trade. The velocity of the selling had slowed in the past three sessions which has helped offer minor relief in the early morning trade. If the Bulls can move out above recent highs 619 1/4-623, it could open the door for more relief with the next objective coming in from 630-631 1/2. Above that and there could be 25-30 cents more relief. Technical Levels of Importance
Get all of our daily commentary straight to your inbox! -AM & PM Analysis (written and video) -Weekly Crop Progress Update -Weekly Drought/Moisture Analysis -Commitment of Traders Updates -Seasonal Updates Sign Up for a Free Trial - Blue Line Futures
Research Disclaimer This email may include information produced by third parties. Material not labelled Blue Line Futures LLC should be considered to be third-party, and is provided for informational purposes only. Third-party material is from sources believed to be reliable, but its accuracy is not guaranteed by Blue Line Futures LLC.
Futures trading involves a substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete, and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.
Blue Line Futures is a member of NFA and is subject to NFA's regulatory oversight and examinations. However, you should be aware that the NFA does not have regulatory oversight authority over underlying or spot virtual currency products or transactions or virtual currency exchanges, custodians, or markets. Therefore, carefully consider whether such trading is suitable for you, considering your financial condition.
With Cyber-attacks on the rise, attacking firms in the healthcare, financial, energy and other state and global sectors, Blue Line Futures wants you to be safe! Blue Line Futures will never contact you via a third party application. Blue Line Futures employees use only firm-authorized email addresses and phone numbers. If you are contacted by any person and want to confirm identity please reach out to us at info@bluelinefutures.com or call us at 312- 278-0500
Hypothetical Performance Disclaimer One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. In addition, hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk in actual trading. For example, the ability to withstand losses or to adhere to a particular trading program in spite of trading losses are material points which can also adversely affect actual trading results. There are numerous other factors related to the markets in general or to the implementation of any specific trading program which cannot be fully accounted for in the preparation of hypothetical performance results and all of which can adversely affect actual trading results.
Seasonal Disclaimer This message and its content is intended only for the person or entity to which it is addressed and should not be shared with additional parties. Seasonal tendencies are a composite of some of the most consistent commodity futures seasonals that have occurred in the past several years. There are usually underlying, fundamental circumstances that occur annually that tend to cause the futures markets to react in similar directional manner during a certain calendar year even if a seasonal tendency occurs in the futures, it may not result in a profitable transaction as fees and the timing of the entry and liquidation may impact on the results. No representation is being made that any account has in the past, or will in the futures, achieve profits using these recommendations. No representation is being made that price patterns will recur in the future.
|
Holding the Line — For Now
This article contains syndicated content. We have not reviewed, approved, or endorsed the content, and may receive compensation for placement of the content on this site. For more information please view the Barchart Disclosure Policy here.
/Alibaba%20by%20testing%20via%20Shutterstock.jpg)
/Microsoft%20France%20headquarters%20by%20JeanLuclchard%20via%20Shutterstock.jpg)