Daily Technical Overview
DEC WHEAT Resist: 900 1/2-904 1/4*, 924+ ST Trend: Down
(897 1/4) Supprt: 880-878, 865 1/2, 858 1/2 Obj: 837 TRP: 904.25
Comment: The market is vulnerable to selloffs and a downside breakout. A press below 858 1/2 should
trigger fresh selloffs to 849 and chance for a selling wave to 837*. The recovery action last week gives a
near term bull signals and should foster a probe over 900+. A close back over 904 1/4* will rekindle bull
trend forces and drive a run to attack for an upside breakout from congestion past 931+.
DEC CORN Resist: 760+/-, 770 1/2, 804 1/2* ST Trend: Down
(748 1/4) Supprt: 739, 717, 703- Obj: 708 TRP: 801.50
Comment: The market is bearish, triggering a topping roll over and leaves trade open to a wash around
717-700. A slip into sustained action under 739- will encourage pressing selloffs. Any corrective rebounds
blunted around 764-770 will form a bear flag and setup for selloffs. Closes over 770 and 777 1/2* are
needed to boost retracements back up near 790-801 1/2*.
NOV SOYBEANS Resist: 1640-1644, 1675-1686 ST Trend: Down
(1621 3/4) Supprt: 1612-, 1600-1597, 1570+/- Obj: 1615- TRP: 1719.75
Comment: The market is bearish and last week’s declines should promote selloffs within target levels along
1615-1600. A close under 1597 warns for a larger unfolding decline. We may see minor corrections test
back within last Thursday’s outside bear day, but sideways days under Thursday’s high will keep trade lined
up for selloffs. A close over 1719 3/4* is needed to reverse trend forces back up.
