Daily Technical Overview
DEC WHEAT Resist: 886 1/2, 897-907, 926 1/2 ST Trend: Sdwys
(873) Supprt: 871 1/4*, 860-858 Obj: None TRP: 871.25
Comment: The market is try to retain Friday’s bull reversal and holding this week’s corrections off key 871
1/4* support, vacillating point between short term bull / bear forces, should prompt attempts to restart
rallies. Stable action over 871 1/4* suggests 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. Closes under 871 1/4* 858 voids Friday’s turnaround and
signals for a drop to 837*.
DEC CORN Resist: 764 1/2*, 780-782, 794* ST Trend: Sdwys/Down
(756 3/4) 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 again struggles
to extend past 764 1/2*+ today, 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, 1572, 1618 1/4* ST Trend: Down
(1531 3/4) Supprt: 1522-1499 3/4*, 1452 1/2* Obj: 1522 ACHD TRP: 1618.25
Comment: The market is bearish with declines against the 1522 target, but still holding potential for an
extra wash to 1499 3/4* or 1457 1/2 support levels. Use a close under 1499 3/4* to signal a larger wash to
weekly support at 1452 1/2*. Stabilizing trade off 1522-1499 3/4* should could lead into initial flagging
retracements over the next few days to 1572 and 1600. A close over 1618 1/4* is needed to start a short
term bottoming turnaround.
