Soybeanmeal:
Price has bee trading extensively beyond our price target and could well be at the end of its current wave. We see mixed and contradictory signs in the development of this chart and want to see a clearer picture develop before taking any action. The upward potential from here obviously is very limited so that is not an option to consider at all but at...
Soybeans:
Price reached our target some time ago already and is performing an overshoot which is nothing unusual as it is just not possible to predict exactly where the waves will end. The EW principle gives us a complete count but that doesn't mean that a top is on the chart indeed already. Taking a position just on basis of the fact that you can see the EW count...
Wheat:
After about a month of moving back and forth in a zone that we described as 'the jungle from where we do not see the exit' the price has come out of the woods on the upside. This encourages us to have a look at possible long play. However, before we will feel comfortable to entertain a long trade we first need to be sure that this is not a bull trap. If we...
Corn:
Price traded further up and reached our first target which is not a reason for us to square the position but rather to trail our intra-day stop up to a level where we optimize the profitability of the position just in case that the picture radically reverses. We would like to see a bit more impulse of the move up during the coming week in which case we will...
Soybeanmeal:
Price made a another move up to a new high which could be an indication that even higher highs want to be put on this chart. Our target has been reached already at some 8-10% lower level than what is being traded today but rather than regretting having 'missed' the last dime we count our blessings that we had a good ride on this wave.
The current...
Soybeans:
Price has reached our target during the past week and made an impulsive overshoot to even higher levels. Price is also forming a 'ascending broadening wedge' which is a reversal pattern. We believe that price is at or close to the end of its current move up and that it will reverse in a corrective move down of 10-15% soon. The candle of last Friday has a...
Corn:
Price is simply following our preferred path quite nicely since one month now and we do not see any reason to change our bias not our lines in the chart. We let the market do its work and trail our stops up accordingly.
Soybeanmeal:
Price made again a new high during the week which, as per the rules of engagement, could well be a sign that it wants to go even hight. The pattern that price drew during the past 3 trading days could be a reversal pattern. The RSI is in oversold area but is not diverting with price and the MACD is not in divergence either.
There are too many...
Beanoil:
Price has made its test back to the resistance level of 3200 which has set the floor for a solid bear move. Initial stops are at 3260 for this run and if price would break the 3385 level we will have to turn back to our drawing board and reconsider our bear bias again. In case that our initial stop gets hit we will look at a renewed short entry...
Soybeans:
Price continued its sideways move during the past week, be it with a wider range than before. The continuation pattern is still intact which indicates that the 1120/1130 range is still a valid target. We would have liked to see same target reached during the past week which did not happen and which makes us additionally wary. We want to hang on to our...
*EDIT in text quote on left of chart - *Synchronicity in between
I have created an equally weighted portfolio of 5 sustenance based commodities including Soybean, Soybean Oil, Sugar, Wheat, and Maize (continuous fwd contracts). This is an update to the first chart I have published (rough rice) which isn't updating for some reason but if you see the RR1! graph on...
Soybeans:
Price has been moving mostly sideways between, roughly 1060 and 1090 during the past 7 or 8 sessions which usually is a continuation pattern. This means that there is, principally, still 50 points upward potential on very short notice but we would like to see same 50 points upswing during next week failing which we will turn the sign on 'neutral' and...
Beanoil:
Price broke out through the downside of the long term ascending price-channel which means that we have to go back to the drawing table and reconsider our bias. Our bullish scenario has failed an stops were hit. Former support at the 32 level has now become resistance and we expect same resistance to be tested some time during the coming week or week...
Soybeanmeal:
Price has reached our target during the past week and showed a very strong performance during Friday's session. Price made a 50% advance in just 6 weeks (!) and we believe it is time for price to make sizeable move to the downside from here. However, as long as we do not see a reversal pattern being drawn on the chart we will have to wait for an even...
Wheat:
Nothing much changed in our views on this market. We are still in an area which we see as a jungle from where we see no exit (either up or down) and we want to see that price breaks out of the 450/485 'no-mans-land-zone' before we pick any side. The moves during the past week and, maybe oddly enough, especially during the last 3 sessions start making look...
Corn:
No changes in our bias and expectations. Price is following our preferred path quite reasonably and we do not see any reason to change our chart. We would like to see the immediate previous high of 400 broken during next week.
Beanoil:
Price initially followed our preferred routing quite precisely but suffered a pull-back during the last two sessions that was deeper than we would have liked to see. Our bias with price target remains intact although a decisive move further down to 31.50 would be a conclusive sign to us that we should reconsider our short term bull bias. Our longer term...
