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.
Soybeans broke major support so we are looking at Corn to see if this pattern breaks with it. We will use smaller time frames for a trigger.
Actually it is nothing to write. We are waiting for tomorrow's reports. Magazines are full of wheat. Prayer for the severe winter is ... greatly appreciated. thepatternsite.com
ZC is starting to feel choppy in this area so we are taking off our long position at a small loss. Like we mentioned, this could chop until harvest starts. We will keep her on the watch list. NEXT!
This is one of our favorite patterns. It usually suckers people into believing we will see more downside. The larger players will usually dip below the wedge and get new shorts stuck and then squeeze them. (similar to Corn recently) If they break it to the upside we should see a quick move due to weak shorts being stopped. This is high on our watch list.
Corn is still acting well. We were able to take off half our position this AM. We didn't quite hit our first target at the gap fill but captured some decent profits. IF price closes inside the descending wedge we will be out for a small loss and will look for another set up. Stay tuned!
Corn is working well. As an FYI this (ZC1!) is the continuous contract and is priced a little different than the DEC contract. However, the patterns are still the same and they are both working well. We are still long and looking for the gap fill (on continuous contract). We could see some sideways to down movement over the next few days before we start to...
And there she is! After the crop report the boys decided to give a little head fake and run the stops of the weak longs. Now if we get above the 362.2 we could see a nice squeeze would could pop us. We are long and will be holding for the gap fill. Understand we are not fools at OFT... we can read. We understand that the agency is calling for a record 14...
At the beginning of the 2008 while the sub prime crisis start to be feared by all the wheat touched peaked, since then until mid 2010 the price dis-inflated severely (lost around 65% at the time from the $1320’s to a very better $480’s the contract. But as the recovery geared traction from 2010 it reduced the lost of price more than half when made at end of 2012...