Tag Archives: Futures

Coffee turned lower by the up-sloping median line. [chart]

This chart, of the May Coffee, is a good illustration of the significance of the median (center) line. The line acts as dynamic resistance as the market trends higher. Coffee tested the median line three times during the cycle and failed after the fourth test on April 5. The swing pattern failure signaled an end to the upward trend and triggered… read more

Grains calls

WHEAT – Up 1/2 to 1 cent per bushel. Follow-through technical buying after Monday’s firm close. Wheat market was oversold and due for a bounce but bullish momentum lacking amid plentiful supplies. CORN – Down 1 to 2 cents per bushel. Forecasts for good U.S. corn planting weather this week weighs on market countering some… read more

Crude oil is setting up for the next swing higher. [chart]

Crude zoomed through the ascending median line and closed above the prior swing high of 85.43, posted on January 11, 2010. Having used its energy, Crude pulled back  to an area of support provided by two action-reaction lines and the 20- day sma. This price action has formed a bullish reaction swing, above the median line,  and set up… read more

Opening Grain Calls

WHEAT – Up 3 to 5 cents per bushel. Weak dollar and short-covering after the declines on Friday lift wheat futures. CORN – Up 2 to 3 cents per bushel. Short-covering after the decline Friday and weak dollar combine to lift corn futures. Gains limited by improved U.S. seeding weather. Trade expecting USDA late on… read more

Silver crosses the median line. What’s next? [chart]

Silver crossed the major ascending median line with good separation. Silver had tested the median three times in the past five days, but pulled back each time. A close above the line–with good separation–is a bullish indicator and portends a continuation of the updward trend. The next target objective is $18.85. However, the major reaction… read more

Opening Grain News

CHICAGO (Dow Jones)–Estimates for increased world corn and soybean carryout issued in a U.S. Department of Agriculture report Friday are bearish for Chicago Board of Trade grain and soybean futures, traders said. CBOT corn and wheat are called to open the day session 1-2 cents per bushel lower. CBOT soybeans are called to open 2-3… read more

Spread traders may want to consider this seasonal Soybean spread. [chart]

According to the Moore Research Center of Eugene, OR, it is time to consider the seasonal Soybean spread of long July Soybeans and short November Soybeans. They state that the seasonal recommendation begins on April 4 and runs thru May 7. Moore Research reports that the spread has been profitable 12 out of the past 15… read more

Open Grain Calls

CORN – Down 1 to 2 cents per bushel. Higher dollar, lower crude oil and plentiful supply of feedgrains weigh on corn futures. Some choppy price action amid unsettled U.S. corn seeding weather. SOYBEANS – Down 2 to 3 cents per bushel. Firm dollar, lower crude oil and harvesting of record large South American soybean… read more