Comments for Wednesday, July 7, 2010
Looking Ahead to Today by Reflecting Back at Tuesday’s Price Action
Higher closes yesterday for Minneapolis, Kansas City and Chicago wheat along with, oats and rough rice while lower for corn, soybeans, soymeal and soyoil. Minneapolis made a new recent high and close now forming a potentially large bottom while, conversely KC is acting toppy at this time. Chicago wheat did give me a BUY SIGNAL on Friday and made its best high and close since May even after bouncing off a good resistance area.
Corn made its highest high since May 28th before selling off sharply in reversal type action. Corn is also in a strong resistance area at this time but did come close to a buy signal anyway. Rice settled higher but continues to be in a down-trend overall while oats continue to look toppy even after a higher close and a DOUBLE BOTTOM at 243 1/2 basis the December contract.
The beans complex settled lower with beans having a good-size range before selling off and closing lower. Beans are still attempting to bottom while still in an overall downtrend while the meal has been consolidating over the last 2-3 weeks remaining a buy. Oil made its highest high in a week before making its worst close since October 9th, 2009 looking weak overall. BUY SIGNALS FOR OATS AND SOYMEAL. SELL SIGNALS FOR CHICAGO WHEAT, SOYOIL AND ROUGH RICE. CALL FOR DETAILS!
For my complete coverage, visit my commentary page at www.markethead.com.
Rick Alexander has been a broker and analyst in the futures business for over thirty years. He is a Vice-President for Sales and Trading at the Zaner Group (www.zaner.com) a Chicago-based futures brokerage firm. Email Rick at firstname.lastname@example.org.
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