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Corn broke out on October 27, which gave the bulls better control of the technical landscape. After last week's USDA report we backfilled the original break out point, but we are seeing a higher low, which is the definition of an uptrend. There is also technical support with the 50% Fibonacci retracement and the 100 day moving average between 543 and 548.
A friendly USDA report gave some spring to the soybean prices! We are hitting technical resistance around 1260. Where is your tapout point?
Lean hogs are seeing their deferred months (Feb, April, ect.) rally. We got the breakout move above the 100 day moving average, and price action is looking like it is headed to 83 1/2 to 84. We would like to see more of a gradual rise rather than straight shot up to sustain higher prices. What time frame are you looking to trade? We have solutions for hedgers as well as traders!
Call/Text/Email, Oliver with any questions.
Oliver@BlueLineFutures.com and 312-837-3938
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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.