Grain Markets Continue to Decline. Where's the Next Support Pocket?
Posted: June 28, 2023, 7:42 a.m.
Technicals (December)December corn futures have officially traded back near the scene of the crime, or the origination of the breakout point from just 2-weeks ago. All in all, it's been an 80-cent round trip, filled with opportunities for both the Bulls and the Bears. The Pigs.....like usual got slaughtered. But all of that is behind us now and today is a new day, with new opportunities as we inch closer to the last trading day of the week, month, and quarter, which also brings a historically volatile USDA report. Good news for the Bulls, there is significant support within arm's reach. 540-545 represents previous area of consolidation along with the 50-day moving average. Below that is 530-536 3/4 which represents the gap from June 12th.
Bias: Neutral/Bearish Previous Session Bias: Neutral/Bearish Resistance: 575 1/2-583**** Pivot: 556-562 Support: 540 1/2-545***, 530-536 3/4**** |
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Soybeans |
Technicals (November)November soybean futures are continuing to slide lower in the early morning trade, inching closer to the scene of the crime (like corn) from June 15th. Despite prices being $1.05 off the highs from just last week, the RSI (relative strength index) is still at 52. In yesterday's report we listed first support which is also a 4-star level from 1245-1250. This is still a realistic objective in the near term. A reversal and close back above our pivot pocket would probably neutralize the bearish setup into Friday's report.
Bias: Neutral/Bearish Previous Session Bias: Neutral/Bearish Resistance: 1335-1341***, 1364 3/4** Pivot: 1284-1294 Support: 1245-1250****, 1200** |
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