providiotrading
New Member
28Feb Early morning tests of lows were rejected across our 3 tracked markets. Later AM action, all rallied.
Corn: 28Feb All Technical indicators point to higher action. 665 is the next major resistance level above. The market hasn’t closed and remained materially above that level since breaking sharply lower on Jan. 12th. 650’s importance as an inflection point goes back to April, 2011.
Seasonal Snapshot: 5-Years pattern is mainly sideways until March 3, then heads materially lower until March 16th. 15 and 30-year patterns trend sideways to modestly higher until March 14th. All 3 patterns bounce on March 16 for a 2-day rally peaking on March 18th.
Soybeans: 28Feb Soybeans continues to march higher, becoming even more Overbot with its RSI at 94 as of this morning’s publishing of our Matrix. Additionally, it has now firmly broken above the still falling 200-day Moving Average.
Volatility is low and falling.
Seasonal Snapshot: All three patterns display an upward bias until Mar 3.
Wheat: 28Feb Wheat is taking a new tack and moving higher in excess of Corn. It is threatening to fight its way to the still declining 200-day Moving Average, which now lies close by only 5-6 cents above as of this writing. All our Technicals point higher now and with its RSI not Overbot, it may have some reasonable room to run.
It has held support on a rising Trend line going back to mid-December lows. If this continues to hold, look for the market to work its way higher to test 700 and higher. The 665-670 resistance level is 1st though.
However, if all these projections of higher prices prove to fail, look for a test to the 600 level with a low likely near 590. Watch if it falls near 620 as support.
Seasonal Snapshot: The 5-year pattern is upwardly biased until peaking on Feb 26. At that point it enters into a long negative bias until April 1. The 15 and 30-year patterns are in a shallow downward bias until March 15.
Disclaimer:
There is risk in trading futures and options. One's financial suitability should be considered carefully before placing any trades. Past performance is not indicative of future results.
Corn: 28Feb All Technical indicators point to higher action. 665 is the next major resistance level above. The market hasn’t closed and remained materially above that level since breaking sharply lower on Jan. 12th. 650’s importance as an inflection point goes back to April, 2011.
Seasonal Snapshot: 5-Years pattern is mainly sideways until March 3, then heads materially lower until March 16th. 15 and 30-year patterns trend sideways to modestly higher until March 14th. All 3 patterns bounce on March 16 for a 2-day rally peaking on March 18th.
Soybeans: 28Feb Soybeans continues to march higher, becoming even more Overbot with its RSI at 94 as of this morning’s publishing of our Matrix. Additionally, it has now firmly broken above the still falling 200-day Moving Average.
Volatility is low and falling.
Seasonal Snapshot: All three patterns display an upward bias until Mar 3.
Wheat: 28Feb Wheat is taking a new tack and moving higher in excess of Corn. It is threatening to fight its way to the still declining 200-day Moving Average, which now lies close by only 5-6 cents above as of this writing. All our Technicals point higher now and with its RSI not Overbot, it may have some reasonable room to run.
It has held support on a rising Trend line going back to mid-December lows. If this continues to hold, look for the market to work its way higher to test 700 and higher. The 665-670 resistance level is 1st though.
However, if all these projections of higher prices prove to fail, look for a test to the 600 level with a low likely near 590. Watch if it falls near 620 as support.
Seasonal Snapshot: The 5-year pattern is upwardly biased until peaking on Feb 26. At that point it enters into a long negative bias until April 1. The 15 and 30-year patterns are in a shallow downward bias until March 15.
Disclaimer:
There is risk in trading futures and options. One's financial suitability should be considered carefully before placing any trades. Past performance is not indicative of future results.