It is clearly bad from now on, the weekly buy zone at 408.3 - 411.3 did not hold and there is a tremendous sell force yesterday at the same zone.
399.4 is where the bulls must defend or else 376.4 is the target for this short entry at 408.3.
The buying spree at 17/05 NY open didn't make the market move very much. Instead, it creates volatility in the Sugar market. Therefore, I believe the Bulls are just not there to defend the market and a breakout should occur soon.
Trailing Stops should be used when the price hits 16.62.
Even though I remained bullish for corn with my target near 600. But with the negative atmosphere in the gas market, corn could fall into the 519 - 525 zone in the next few weeks.
After two weeks of consolidating, we started to see some money flow last Friday. They could also be "bluffing" so we need to closely watch the price action on Monday and Tuesday.
My target is somewhat less positive and it could be 590, not 620.
We need to closely monitor Soybean in the next few weeks.
I think the target could be at 1660, but it needs to fully push through the weekly supply zone at 1535. This weekly supply zone, however, is no longer fresh and could easily be broken.
Price started to form a liquidity zone in last week's trading and we started to see a liquidity grab move with a minor engulfing pattern at the last hours of the Friday session.
Price hit the lower lows of the liquidity zone and then form an engulfing candle. We could buy the retest here with targets above 440.
Always follow your trading plan regarding entry,...
Just thought that we are not gonna have a chance with Sugar. But no we WANT SOME SUGAR right now because it has come back for us.
If you are an aggressive trader like you should be in this spot, MARKET.
If you want to have a better POSITION TRADER, two options for you:
17.70 - 17.80 is the first spot.
The next sweet spot is 17.27.
Always follow your...
CBOT Wheat is range bouncing! WHAT NEXT?
My current view remained neutral with wheat being in a range of 632 - 670. However, wheat could develop a bullish move on Monday and early Tuesday due to USDA Supply and Demand report later Tuesday.
Wheat is overall bullish trading in this range, so we should be looking for Trend-Following Buy setups as it approaches...
