GLOBAL RESEARCH & INVESTMENTS Daily Technical Overview
DEC WHEAT Resist: 904*, 917 1/2, 924 ST Trend: Sdwys/Down
(883 3/4) Supprt: 881, 865 1/4 Obj: None TRP: 904.00
Comment: The market has once again flipped the short term trend bias of congestion down. A penetration
under 865 1/4 alerts for a preliminary downside breakout and should release selloffs to attack under 857
1/4. A close over 904* swings the bias of congestion up, but a close over 924 is needed for a breakout to
launch advances to attack into new highs.
DEC CORN Resist: 796-798, 812-815 1/4* ST Trend: Sdwys/Down
(777 3/4) Supprt: 772 3/4-771, 747 3/4* Obj: 747 3/4 TRP: 815.75
Comment: Monday’s break signals a short term negative downturn and multi-week corrective retracement
against 747 3/4* support. Trade is poised for selloffs today and sustained action under 788 will encourage
selloffs. A pop over Monday’s high voids bear signals, but a close over 815 3/4* resistance is needed to
turn trade back to the upside and send rallies to attack the 849 spike high.
NOV SOYBEANS Resist: 1743, 1750-1752, 1775+ ST Trend: Up
(1701 1/2) Supprt: 1701, 1686, 1644 1/4* Obj: None TRP: 1644.25
Comment: The market is overall bullish, but this week’s slip lower warns for additional near term
corrections. A sustained drop below 1701 could send corrections down into the upper edges of previous
congestion below 1663-. A close below 1644 1/4* is needed to provoke a lasting top. Any recovery action
contained inside last Friday’s range will remain near term negative. A push past 1752 will boost secondary
rallies to 1775+.
