Daily Technical Overview
DEC WHEAT Resist: 894 1/2, 903*, 924 ST Trend: Sdwys/Down
(891 3/4) Supprt: 872, 858 1/2, 849 Obj: 849 TRP: 903.00
Comment: The market is suggesting a bearish shift in the sideways consolidation of recent weeks, alerting
for selloffs to attack under recent congestion lows. A penetration under 858 1/2 calls for a dip to 849. A
close under 857 1/4 signals for a larger bear wave to 820-. Yesterday’s bounce shows an attempt to
recover and extend consolidation action, but a breakout past 924 or close over 903* are needed to turn
trend forces up and foster an upside breakout from congestion.
DEC CORN Resist: 802-803, 812-815, 820 1/2* ST Trend: Sdwys
(798 1/2) Supprt: 788-785*, 771, 747 3/4* Obj: None TRP: 785.00
Comment: The market is overall bullish. However, a drop under 785* is needed to signal a multi-week
turnover with a likely retracement target against 747 3/4*. Despite yesterday’s bounce, still recovery action
at 800+ hints for a flip back to selloffs today. A close over 820 1/2* resistance is needed to turn trade back
to the upside and send rallies to attack the 849 spike high.
NOV SOYBEANS Resist: 1756, 1775+, 1788-1789 ST Trend: Up
(1747) Supprt: 1731-, 1718, 1703-1701 Obj: None TRP: 1644.25
Comment: The market is bullish, but the back off after hitting the 1775 objective hints for near term
corrective pullbacks. Trade needs to power through the 1775 area to create additional blow off moves just
shy of 1900. Further rejections from 1775+/- calls for a reversal turn with a drop through 1701 sending
corrections down into the upper edges of previous congestion below 1663-. However, only a close under
1644 1/4* highlights a significant peaking turnover to lower levels.