Daily Technical Overview
DEC WHEAT Resist: 887 1/4*+, 894-895, 926 ST Trend: Sdwys/Up
(872 3/4) Supprt: 866 1/4, 861*, 850- Obj: 914 TRP: 861.00
Comment: The market is showing a bullish upturn which could kick off rallies to challenge for a breakout
over the correction of the past several months. A close over 887 1/4* or pop over 901 should spark a run to
914 and 925. A close over 926 is bullish. The back off from 887 1/4* cautions for a near term slip to
sideways congestion around 870. A close under 861* is needed to drive a selloff back to basing levels
under 850-.
DEC CORN Resist: 749 1/2, 758 1/4*-763 1/2 ST Trend: Sdwys/Down
(742) Supprt: 736-735 1/4, 714- Obj: 719 TRP: 758.25
Comment: Yesterday’s roll off suggests a shift back to bear trend forces and calls for pressured action to
attack under recent congestion lows at 736-735 1/4 which in turn targets a break to 719-. Trade could flip
trend forces back up with a close over 758 1/4* or pop over 763 1/2, sparking advances to attack over
776+.
NOV SOYBEANS Resist: 1580 3/4, 1611 1/4* ST Trend: Sdwys/Down
(1564) Supprt: 1544 3/4, 1529, 1519 3/4* Obj: None TRP: 1611.25
Comment: Overall the market is bearish, but a close under 1519 1/4* as well as 1493 are needed to trigger
a wash to 1452 1/2* weekly support. Current rebounds suggest further corrections that could work a multiday
climb to test resistance at 1600-1611 1/4*. A close over 1611 1/4* is needed to secure a short term
bottoming turnaround. Trade rejected at 1611 1/4* will prompt secondary selloffs.
