And there she is! After the crop report the boys decided to give a little head fake and run the stops of the weak longs. Now if we get above the 362.2 we could see a nice squeeze would could pop us. We are long and will be holding for the gap fill. Understand we are not fools at OFT... we can read. We understand that the agency is calling for a record 14...
Price has been trading steadily within a long term bullish Uptrend Channel, since Jan 2011 up till today (24 July 2014) Price has recently trace from High of around $81.00 (26 Nov 2013) and found support along the Uptrend Channel Line. We also note a minor double bottom (31 Jan 204 - 16 May 2014) within the Channel. This indicates a reversal of the bearish...
Corn has fallen to far to quickly. We are now back to the original buy areas. If you are still holding from the buy point this will be a good lesson. It is important to take some profits on the way and trail stops. We missed this trade but for some it was very profitable. If price jumps to our sell zone we will look for a short signal.
At the beginning of the 2008 while the sub prime crisis start to be feared by all the wheat touched peaked, since then until mid 2010 the price dis-inflated severely (lost around 65% at the time from the $1320’s to a very better $480’s the contract. But as the recovery geared traction from 2010 it reduced the lost of price more than half when made at end of 2012...
Looking at JO the recent strength in looks super bullish. Eventhough im proposing the alternate idea of a double top, I still think the bullish trend is intact. However, i can't help but to think about the downside risk. I believe coffee needs to consolidate, either though price ( a sell off) or through time (sideways movement.) I don't feel comfortable going...
The beans are a bit long in the tooth. A topping pattern is playing out. We want to be short (small size) for a short term reversal.