Daily Technical Overview
DEC WHEAT Resist: 888, 897, 907, 926 1/2 ST Trend: Sdwys
(884 1/4) Supprt: 871 1/4*, 865-863 3/4 Obj: None TRP: 871.25
Comment: Last Friday’s sharp rally still signals a short term reversal turn, but this week’s retreat back into
Friday’s rally leaves trade back against the key 871 1/4* support and vacillating point between short term
bull / bear forces. A bounce off 871 1/4* will likely motivate a push back to 900+. A pop over 907 is friendly,
but a close over 926 1/2 is the kick off to bull trending moves. A close under 871 1/4* voids Friday’s
turnaround and signals for a drop to 837*.
DEC CORN Resist: 764 1/2*, 780-782, 794* ST Trend: Sdwys/Down
(758 1/4) Supprt: 744, 729*, 708-705 Obj: 708 ACHD TRP: 764.50
Comment: Friday’s reversal turn signals for near term friendly upturn and has trade testing 764 1/2*
resistance for a short term upturn. A close over 764 1/2* targets a run to 800-815. If trade struggles to
extend past 764 1/2*+ today, then be ready for corrective dips that will lead into flagging action in the upper
half of Friday’s rally, but likely staying over 729*. Only a close under 708 or drop under 705 rekindles bear
trending selloffs to 675.
NOV SOYBEANS Resist: 1555, 1571, 1626 3/4* ST Trend: Down
(1530 1/2) Supprt: 1522-1499 3/4*, 1452 1/2* Obj: 1522 TRP: 1626.75
Comment: The market is bearish and pressing to reach the 1522 target and potential for an extra wash to
1499 3/4* support. Use a close under 1499 3/4* to signal a larger wash to weekly support at 1452 1/2*.
Look for a fight to hold and bounce off 1522-1499 3/4* that could lead into initial flagging retracements
around 1600. A close over 1626 3/4* is needed to start a short term bottoming turnaround.
