Corn
Fundamentals: This morning’s weekly export sales report showed net sales of 33,900 MT for 2021/2022 were down 43 percent from the previous week and 82 percent from the prior 4-week average. -Net sales of 570,200 MT for 2022/2023
Techncials: Corn futures have broken below our 4-star support pocket from 586-589, taking out the lows from July 5th and 6th. This is now at the lowest trading level since January 24th. Our next support pocket is also being tested this morning, we've had that defined as 574 1/4-579 1/4. This level area was a big resistance area at the end of last year and beginning of this year. The RSI (relative strength index is at 30.8, a hair above what would be considered "oversold".
Bias: Neutral
Previous Session Bias: Neutral
Resistance: 624-630***, 645-652 ½***
Pivot: 586-589
Support: 574 ¼-579 ¼***
Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.
Fundamentals: This morning’s weekly export sales report showed net sales of 33,900 MT for 2021/2022 were down 43 percent from the previous week and 82 percent from the prior 4-week average. -Net sales of 570,200 MT for 2022/2023
Techncials: Corn futures have broken below our 4-star support pocket from 586-589, taking out the lows from July 5th and 6th. This is now at the lowest trading level since January 24th. Our next support pocket is also being tested this morning, we've had that defined as 574 1/4-579 1/4. This level area was a big resistance area at the end of last year and beginning of this year. The RSI (relative strength index is at 30.8, a hair above what would be considered "oversold".
Bias: Neutral
Previous Session Bias: Neutral
Resistance: 624-630***, 645-652 ½***
Pivot: 586-589
Support: 574 ¼-579 ¼***
Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.