Corn Futures Fail at Technical Resistance
Corn
Technicals (December)
December corn futures looked like they were on the verge of breakout move above resistance in the middle of last week, but those hopes were crushed (for now) with a big down day on Friday. The weakness we saw in Friday's trade has spilled over into a softer trade to start the week, taking prices right back to where we were last Monday. Support remains intact from 399-403, a break and close below there would put prices back in in uncharted territory. The Bull camp wants to see a close back above 413-416 1/2 to neutralize Friday's technical damage.
Friday's Commitment of Traders report showed funds were net buyers of about 12k contracts through July 23rd, the bulk of which was short covering. That trims their net short position to 318,549 futures and options contracts, which is still one of the biggest on record. Broken down that is 158,606 longs VS 477,155 shorts.
Bias: Neutral
Resistance: 423-426**, 430-434****
Pivot: 413-416 1/2
Support: 399-403**
Check out CME Group real-time data plans available on TradingView here: tradingview.com/cme/
Disclaimers:
CME Real-time Market Data help identify trading set-ups and express my market views. If you have futures in your trading portfolio, you can check out on CME Group data plans available that suit your trading needs tradingview.com/cme/
*Trade ideas cited above are for illustration only, as an integral part of a case study to demonstrate the fundamental concepts in risk management under the market scenarios being discussed. They shall not be construed as investment recommendations or advice. Nor are they used to promote any specific products, or services.
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.
Technicals (December)
December corn futures looked like they were on the verge of breakout move above resistance in the middle of last week, but those hopes were crushed (for now) with a big down day on Friday. The weakness we saw in Friday's trade has spilled over into a softer trade to start the week, taking prices right back to where we were last Monday. Support remains intact from 399-403, a break and close below there would put prices back in in uncharted territory. The Bull camp wants to see a close back above 413-416 1/2 to neutralize Friday's technical damage.
Friday's Commitment of Traders report showed funds were net buyers of about 12k contracts through July 23rd, the bulk of which was short covering. That trims their net short position to 318,549 futures and options contracts, which is still one of the biggest on record. Broken down that is 158,606 longs VS 477,155 shorts.
Bias: Neutral
Resistance: 423-426**, 430-434****
Pivot: 413-416 1/2
Support: 399-403**
Check out CME Group real-time data plans available on TradingView here: tradingview.com/cme/
Disclaimers:
CME Real-time Market Data help identify trading set-ups and express my market views. If you have futures in your trading portfolio, you can check out on CME Group data plans available that suit your trading needs tradingview.com/cme/
*Trade ideas cited above are for illustration only, as an integral part of a case study to demonstrate the fundamental concepts in risk management under the market scenarios being discussed. They shall not be construed as investment recommendations or advice. Nor are they used to promote any specific products, or services.
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.
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.