Dec Wheat - 2 to 3 Higher
Dec Corn - Steady
Nov Beans - Steady to 1 Lower
Dec Corn is marking a contracting triangle pattern since last Friday's high (696.25) and low (669.50 - 27 cent range). This means the highs and lows are drawing together/constricting since then - building energy. The upper resistance is 688 and below 677 is support for tomorrow. Price will eventually break out of the triangle - I believe up. Here is a blowup of the Dec Corn triangle.
Dec Wheat should continue to find buyers in the 895-900 range - where support came in today.
1361.25 was the low print on Monday in Nov Beans - today it was able to mark a higher low at 1362.50. This is only 1.25 cents, but the higher low is meaningful for technical purposes - it shows that the fund buyers are continuing to accumulate/buy contracts more eagerly than they were on Monday, even if it's only by a small amount.
Nov Crude Oil Update: The news of the Saudi's cutting back oil production caused crude to get volatile and it traded in a $2.90 range today. Support was found directly on old resistance at 85.42, and it last traded nearly on the high at 88.03, indicating oil wants to keep buying up to that 90-92 area where some serious sellers should enter the arena. Here's a look at the updated crude chart.
The Nov Crude chart looks like traders bought the rumor and both bought and sold the fact (Saudi announcement).
Nov Diesel (HO) made it up to 3.700 area, just shy of the 3.800 and 3.900 resistance levels. Here is the updated Nov Heating Oil chart.
Even though there was a small correction in the stock markets indices today, they all managed to close back up with a small win for the bulls - steady to up a fraction on the day.
Comments