Technicals: The market was able to grind higher yesterday and has found some follow-through. in the overnight/early morning trade, taking us within a stone’s throw of resistance, 529 ½-533. This is the spot we will consider selling against for clients who reduced short exposure or liquidating some long exposure for those who are bullish and long, against technical support last week (something we wrote about in last week’s reports and discussed on RFD-TV). A break and close above this pocket would be the cue to take our medicine and reset as it could.....
Bias: Neutral/Bearish Previous Session Bias: Neutral
Resistance: Click here to get our (FULL) daily reports emailed to you! Pivot: 507-514 ¼ Support: 493 ½-497 ½ ***, 477 ½-480 ¾**** Soybeans (November)
Techncials: Soybean futures have tried to bump out above technical resistance a few times over the last two weeks, one more test may be enough to do it give the bulls the bigger relief rally that they’ve been looking for. The market continues to treat near our pivot pocket from 1286 ¼-1292, a move above here could take us back to the technically and psychologically significant $13 area. First resistance comes in from 1300 ½-1306 ¾. If the Bulls can chew through that pocket, it would open the door for an extension towards 1325 ¾-1333. We are still in the “sell rallies” camp, which is why our bias is outright Neutral and not Bullish, after testing and holding technical support.
Bias: Neutral Previous Session Bias: Neutral
Resistance: Click here to get our (FULL) daily reports emailed to you! Pivot: 1286 ¼-1292 Support: 1270-1277 ¼**, 1262 ¾***, 1240 ½**** Wheat (December)
Technicals: December wheat futures are working higher in the early morning trade, tagging along with corn and beans. Our resistance pocket is now a pivot pocket, defined as 698 ¾-703, which we like selling against at the moment, so long as it can be defended through today’s session. If the Bulls are successful in chewing through this pocket, we could see an extension towards our next resistance pocket, 718 ½-723 ½.
Bias: Neutral/Bearish Previous Session Bias: Neutral/Bearish
Resistance: Click here to get our (FULL) daily reports emailed to you! Pivot: 698¾-703 Support: 675-680 ½****, 650-652 ½**
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Blue Line Futures
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.