Daily Technical Overview
DEC WHEAT Resist: 875-876, 887 3/4*, 901-907 ST Trend: Sdwys/Down
(861) Supprt: 849 1/4, 837*, 816 1/4- Obj: 837 TRP: 887.75
Comment: The market is shifting back to the downside to attack against congestion lows of recent months.
A slip through 849 1/4 should release selloffs to reach for 837*. A close under 837* is bearish. If the market
holds 837*, we could see attempts to turn back higher, but a close over 887 3/4* is needed to void current
short term bear forces. A pop over 907 is needed to launch bull trending trade to attack over 926 1/2 into
bull trending moves.
DEC CORN Resist: 764 1/2*, 780-782, 794* ST Trend: Sdwys/Down
(742) Supprt: 739, 729*, 708-705 Obj: None TRP: 764.50
Comment: The market is still in a near term friendly upturn and may again test 764 1/2* resistance for a
short term upturn. A close over 764 1/2* targets a run to 800-815. The struggles to extend past 764 1/2*+
last week caution for a flip back to corrective dips that will lead into flagging action in the upper half of the
previous Friday’s rally, but likely staying over 729*. Only closes under 729* and 708 or drop under 705
rekindles bear trending selloffs to 675.
NOV SOYBEANS Resist: 1567-1572, 1618 1/4* ST Trend: Down
(1551) Supprt: 1532 1/4, 1522-1499 3/4* Obj: None TRP: 1618.25
Comment: The market is bearish, but trade is trying to recover off the 1522 target. Be ready for sideways
higher congestion another 1-2 days that could push to 1572 and 1600. A close over 1618 1/4* is needed to
start a short term bottoming turnaround. However, a slip back under 1522 alerts for another slide to 1499
3/4* or chance for a wash to 1457 1/2 support. Use a close under 1499 3/4* to signal a larger wash to
weekly support at 1452 1/2*.
