Buy The Dip, Sell The Rip


(Tech Talk from 5.27.21)


Corn (July)

Fundamentals: July corn futures finished yesterday’s session limit up following a monster weekly export number (which was expected), but more importantly, no confirmation of cancellations from China. Instead of cancellations, the USDA reported a flash sale of 152,400 metric tons to “unknown destinations” for the 2021/2022 marketing year.


Technicals: In yesterday’s interview with RFD-TV and AgriTalk, along with our Tech Talk, we talked about the need for bulls to temper their expectations. Sure, we saw an incredible rally off the Wednesday morning lows, but remember what took us there, a headline of cancellations. That headline was largely debunked, which brought us right back to the same price levels we were trading at before the collapse and it does not change or offset the bearish developments that we saw from the previous two-weeks. The market blew right through the breakdown point from 637-641 ½ which opened the door for an extension towards our 3-star resistance pocket, which we have had defined as 673 ¼-676. This is still the “right shoulder” of the bearish head and shoulders formation. A failure here would keep lower highs intact and the bears in control. There are plenty of opportunities for traders on both sides of the market, so no need to get married to a core position..........Click this link to read the FULL report and receive our daily commentary

Bias:

Previous Session Bias:

Resistance:

Pivot:

Support:

Soybeans (July)

Fundamentals: July soybean futures were able to find some spillover buying yesterday which bled into the overnight session, but has sense reversed. We mentioned in our interviews with RFD-TV and AgriTalk, along with our Tech Talk that we think there is still value in soybean prices based on the underlying global fundamentals.


Technicals: Our 4-star support pocket held nearly perfectly over the last two sessions; we have had that defined as 1490 ½. Prices had been lingering but finally got that “springboard” relief yesterday which puts the Bulls in a good position, near term. So long as they can continue to defend that support, we could see additional relief take us to previous support and the breakdown point from May 19th, 1574 ¾-1577 ¾..........Click this link to read the FULL report and receive our daily commentary

Bias:

Previous Session Bias:

Resistance:

Pivot:

Support:

Chicago Wheat (July)

Technicals: Chicago wheat futures got their relief rally yesterday (finally), with prices rallying back towards a previous support pocket, which we have labeled as resistance now, 671-680. If we can chew through this pocket, we could see further relief take us back towards the psychologically and technically significant $7.00 handle. We would likely be more aggressive with clients here, who want to be short the market..........Click this link to read the FULL report and receive our daily commentary

Bias:

Previous Session Bias:

Resistance:

Pivot:

Support:


Call/Text/Email, Oliver with any questions.

Oliver@BlueLineFutures.com and 312-837-3938


Sign up for your FREE trial of our daily Grain & Livestock Market Analysis and stay ahead of the curve!

Follow us on our social media sites to stay on the pulse of our latest research and commentary!

Twitter - twitter.com/bluelinefutures

Facebook - facebook.com/BlueLineFutures

YouTube - YouTube.com/BlueLineFutures

Latest blog posts - bluelinefutures.com/blog


Blue Line Futures

312-278-0500

info@Bluelinefutures.com


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.

114 views0 comments

Recent Posts

See All