Soybeans Rally Over $1.00 Off Friday's Low
Soybeans
Technicals (September): September wheat futures are officially over a dollar off Friday’s low, testing the 200-day moving average and the upper end of our first resistance pocket, 1411 ¾. If the Bulls can keep the momentum going above here, we could see a retest of the congestion pocket from 1444 ½-1455. Our bias has been at Neutral/Bullish aka cautiously optimistic, but a retest of the congestion pocket may have us looking back to neutral and possibly bearish.
Bias: Neutral/Bullish
Previous Session Bias: Neutral/Bullish
Resistance: 1444 ½-1455****
Pivot: 1400-1411 ¾
Support: 1360-1366 ½****, 1321 ½-1324 ¾***, 1300-1304 ½**
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 (September): September wheat futures are officially over a dollar off Friday’s low, testing the 200-day moving average and the upper end of our first resistance pocket, 1411 ¾. If the Bulls can keep the momentum going above here, we could see a retest of the congestion pocket from 1444 ½-1455. Our bias has been at Neutral/Bullish aka cautiously optimistic, but a retest of the congestion pocket may have us looking back to neutral and possibly bearish.
Bias: Neutral/Bullish
Previous Session Bias: Neutral/Bullish
Resistance: 1444 ½-1455****
Pivot: 1400-1411 ¾
Support: 1360-1366 ½****, 1321 ½-1324 ¾***, 1300-1304 ½**
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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