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Looking for it to retrace short-term, with the trend line up to 63.600 today, 63.075 tomorrow.
Old Crop/New Crop Wheat
The 50 day MA is holding support-side strong where as the resistance can clearly be defined in between the 9 and 5 day EMA. Still a buy above 2.575.
We're coming off of two up days on decent volume. As I point out on the chart, the stochastics crossed 2 days ago in over sold territory and are both pointing up. Right now the spread has hit resistance at the 9 day EMA. The trade is to buy the spread as it crosses that line so I'll be looking for +/- $3.400 tomorrow morning with the next resistance up around ...
Wheat has been in free-fall since Dec. 19. After a strong buying day on Monday, sellers are keeping the price clamped down right at the 9 day EMA. This is one to watch as it's setting up for a possible rally if it can break through that resistance line.
Bear spread, buy July, sell March. 50 MA is acting as resistance. Potential sell off if 9 day EMA crosses 50 day MA
See how this dip forecasts the strength of the next move above overbought.
What an extremely sharp move after a crossover deep below overbought range, right before a huge day on 1-30-15. I wish I could say that I rode this all the way up to it's top but I had a nice little profit at 10.875 and exited when it leveled off after it's strong open just over 11.000. Looking at it now, a trailing stop using the last 14 days Average True Range, ...
If you were to take a lesson from this as to a characteristic of RSI, look at this dip under the 70 line before it surges back into overbought territory.
March Soybeans/March KC Wheat
Price opened above 9 day and 9 was above 50 - buy signal
CCI was in overbought territory, pointing upwards but with nowhere to go - out of momentum?
Stoch - Both pointing upwards, kind of. Fast Stoch showing overbought, the cross had taken place 3 days prior and the move from that signal actually took place on the buy date.
The 9 crosses below the 50 overnight on ...