GLOBAL RESEARCH & INVESTMENTS: Daily Technical Overview
JUL WHEAT Resist: 616 1/4, 621 3/4, 630 ST Trend: Down
(609 1/2) Supprt: 602 1/4, 596 Obj: 590- TRP: 634.25
Comment: Last week’s selloff signals a bear downturn at a new swing low, opening up the formation to
bear trending moves to 590-. We may see modest corrections, but a push over 621 3/4 is needed to drive
retracements to test 634 1/4* resistance for a reversing turnaround. Narrow congestion under 621 3/4 will
bear flag and lead into selloffs. A press under Friday’s low could release declines to 590-.
JUL CORN Resist: 623*-626, 629, 634-635 ST Trend: Sdwys
(620 1/4) Supprt: 614 1/4, 608*-604, 600-599 Obj: None TRP: 608.00
Comment: Last week’s break dropped to a test of key 608* support, challenging for a reversing turnover. A
close under 608* signals for selloffs back against the last swing low. However, Friday’s bounce off 608
hints for sideways-higher congestion / recovery days inside Wednesday’s selloff. A close over 623* is
positive, closes over 629 / 634 are needed to launch sustained bull advances.
JUL SOYBEANS Resist: 1484, 1491 3/4*, 1505-1515 ST Trend: Up
(1478 1/4) Supprt: 1461-1458, 1448 1/2* Obj: None TRP: 1448.50
Comment: The rejection from over 1500 last week and drop into a reversal alerts for a short term peak in
the drive. We may see residual bull forces try to lift trade into secondary rallies. A close over 1491 3/4*
stops peaking action, but a close over last week’s reversal high is needed to kick off a drive to 1575+. A
drop under Friday’s low is near term negative for a break to test key 1448 1/2* support, challenging for a
multi-week turnover.
