The daily MAY17 chart shows that price has been under influence of a solid horizontal resistance line at around the 375 level since October 2016. Price managed to break same resistance on February 7 from where price traded up to 385 until price made a reverse and started trading down towards same 375 level which now serves as support. During the last 2 sessions of...
The weekly continuation chart shows a very solid bottom at around 320 and an equally very solid top at around 440. Price has been trading sideways between these values since June 2014 and these values are relevant for us to keep in our minds. From August 2016 on price gradually moved higher from its solid long term supportive level, gradually making higher highs...
Corn: Price recently made some 'trap moves' which made us decide to step away from the market fro some time and let it play out. In meantime we see a clearer pattern being developed again which has resulted in a bull-flag-pattern. Same bull flag pattern has now the potential the unfold its last leg with the 375 level as first target by the end of December where...
Beanoil: Like the rest of the soy complex, the beanoil price has developed an ascending channel during the past months with higher highs and higher lows. During the past week price developed and ascending wedge towards the higher end of the price channel from where, as per the TA rules of thumb, price broke out to the downside. We expect price to continue its...
Soyameal: Price has developed an ascending channel during the past months with higher highs and higher lows that look quite similar to the soybean picture. Like in the soybean chart, the EW current EW count suggests that price is in the start of its 3 of 3 wave which should lead the price to substantial higher levels from here which could easily add 30% to today's...
Soybeans: Price has developed an ascending channel during the past months with higher highs and higher lows. The latest EW count suggests that price is initiating a 3 of 3 wave which should make price a considerable move to the upside from here. Ideally, price would correct one more time to the lower and supportive line of the ascending price during next week...
Soyameal: Further sideways move during the week with only exception during Thursday's session when price spiked up and actually penetrated the most recent high at 310.90 which was not what we were looking for. The pull back that followed indicated that is could have been a bull-trap but it could also be that we have to reconsider our bear scenario. A close above...
Soybeans: Volumes for the X16 contract are still almost twice as high as volumes for the F17 contract but open interest went already higher for the F17 during the past week. We will roll over soon as well but still kept the X16 for this week. Price made a 2% advance during the week which is not the end of the world but it did break our first resistance at 975...
Corn: Price mostly moved sideways during the past week but held well. The weekly candle (not attached/displayed) shows an almost perfect 'doji' which principally expresses doubt but we have no reason to believe that price will not continue its rally up and we keep our bull bias unchanged. Our pivotal supportive level remains unchanged at 336 for now. The upper...
Wheat: Price made an almost 2% corrective move down during the past week after its strong 5% swing up of the week before that. We have put a first supportive level at 413 in the chart which was tested twice during the past week and which we would not like to see broken on basis of EOD. We should, however, not be stunned if same support will be penetrated during...
Beanoil: Price made a strong 3% move up during the Monday session after which it has been developing a pennant which is a continuation pattern. The pattern seemed to fail during last Friday's session when price made a move to the downside but still closed within the boundaries of the pennant pattern. We expect price to continue going up from here on very short...
Wheat: This price chart is showing us TA straight from the text books with an, almost violent, test back down of the support, a repeated and strong knock on the door of resistance at 415 after, eventually, price broke up through its resistance during Friday's session. The long topping tail of Friday's candle is probably a sign that bulls needed a bit of breath...
Corn: Price is following our preferred path quite precisely an has confirmed our bull scenario during the past week. The pivotal support has been trailed up to 336 and as long as this low remains unbroken our bull scenario is valid. Nothing else to add to that other than that our mid term outlook for this price is to reach 30% to 50% higher values during the...
Soybeans: The first essential resistance of 975 was not broken but price certainly knocked on its door during Wednesday's and Friday's session which makes us to add caution to caution with our outlook for this chart. Basically the week showed a jigsaw candle that did not break the resistance on the upside and did not take the previous low on the downside. In other...
Soyameal: Basically a non-event again during the past week with, indeed, one more test of the 295 region after which price bounced up again. We keep our bias unchanged to the downside but stops should be tightened. A quick look at the Bollinger Band (not displayed on the chart) shows that the BB has been contracting considerably during the recent past which is a...
Beanoil: Price made a 3% move up to the week which mostly came through during Friday's session. Price broke the 2 pivotal resistance levels at 33.75 and 34.29 during the week and close above same levels which, principally, will give price the possibility to trade up further and possibly reach the 36/37 level. Having said so, the move of the past week could also...
Soybeans: We will roll over to the JAN17 chart as soon as JAN's volume starts equalling NOV's volume. Again no decisive break of price during the past week which is something that we have been waiting for since some time now. The weekly chart (not displayed/attached) shows us again a 'spinning top' candle which principally expresses indecisiveness of a market and...
Soyameal: Price has been trading in a sideways moving channel between 310 on the upside and 295 on the downside for 12 sessions now and seems to be stuck between these two levels. As far as we are concerned we can bounce one more time to the upside of the sideward moving channel during next week after which we still expect it to break down decisively through its...