Soybeans Gap Higher, Will it Hold?
Soybeans
Technicacls: The market sling-shotted higher last night. Our first resistance in Friday’s report was 1495-1505. Our next resistance pocket didn’t come in until 1560-1566, which the market came very close to tagging last night. As with corn, we are in the sell rallies camp. A conviction close or consecutive close back above $16.00 would neutralize that bias. First support/our pivot point comes in from 1513 ¼-1516 ¼.
Bias: Neutral/Bearish
Previous Session Bias: Neutral/Bearish
Resistance: 1560-1566***, 1592-1597***
Pivot: 1513 ¼-1516 ½
Support: 1495-1505***, 1452-1457***, 1413 3/4-1424 1/4***, 1400-1403****
Futures trading involves 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.
Technicacls: The market sling-shotted higher last night. Our first resistance in Friday’s report was 1495-1505. Our next resistance pocket didn’t come in until 1560-1566, which the market came very close to tagging last night. As with corn, we are in the sell rallies camp. A conviction close or consecutive close back above $16.00 would neutralize that bias. First support/our pivot point comes in from 1513 ¼-1516 ¼.
Bias: Neutral/Bearish
Previous Session Bias: Neutral/Bearish
Resistance: 1560-1566***, 1592-1597***
Pivot: 1513 ¼-1516 ½
Support: 1495-1505***, 1452-1457***, 1413 3/4-1424 1/4***, 1400-1403****
Futures trading involves 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.