There are two trend lines to watch in SF13. Upper resistance is $13.00 Bottom support is 12.70, but a settlement below yesterday’s low at 12.69 would be a bearish signal. As with all T-lines, there’s a possibility of getting chopped.
The sentiment is bearish. Which is why I am more bullish than bearish. I would love to sell SF at 1293 to 1299.
IF we settle below 12.69 that opens a door down 20 cents to 12.50.
This is the time of year it can get kind of thin and choppy. Funds remain a massive long. Farmers have been selling off the combine.
There was […]
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Trend line (S) in December Gold
Trend lines don’t always work. News Flash. That doesn’t mean they are useless, in my opinion.
A trend line is just a graphic way to show potential support or resistance. Emphasis on potential.
Look at the example below in December Gold.
Traders looking for a support level to buy against have been watching the trend line. Going back to the July low at 1182. The second point of intersection is 1251 posted on October 15th.
We are trading around that trend line today. 1274 is the intersection point.
The issue is, if this trend line fails, then what? So you go to support at the […]
Take profits on Wheat/Corn Spread trade from 11/13/13
5 days ago on Nov 13 I suggested buying wheat and selling corn.
That spread has moved 15 to 20 cents our way if you followed along.
I would take profits here on AT Least 1/3.
Look for 2.38 and the 2.44 as upside resistance on this spread.
For every contract in place, you should have gotten at least 10 cents in your pocket. 10 cents is $500.00 a contract.
If you’d like to participate with me as a client. please email me at christianrobinson1@gmail.com or […]
SF Finds Support at Key Technical Level Today
SF Low today? 1276 1/2.. This is a 62% Retracement.
Currently Trading at 12.87. Look for a rally upside target of 13.00.
More comment later, but 1) funds added to longs in beans and 2) maintained shorts in Corn.
CER
EPA Telegraphs lower corn usage
November 11, 2013
Written by Chris Robinson
Corn: December corn settled down 4 ½ cents at $4.22. CZ14 settled down 6 ¾ cents at $4.59 ¾, which is a new 3-year low and life of contract low settlement. For the week, CZ lost 4 ¾ cents, while CZ14 lost 8 ¾ cents. Corn opened higher and challenged the $4.30 level once again, but turned over and headed south in a dull grind through quiet trade. The exports were strong at 1.2 MT. This was above the average trade guess and was considered supportive of prices.
Happy Friday: Buy gold; Buy Beans: Buy Dow and S&P puts
There’s a decent triangle formation in Dec Gold. However, its dicey on the bottom. If you look at the trend line, a lot of technical traders got chopped up and head-faked with the settlement below that trend line. News flash. Technical trend lines don’t Always Work… That doesn’t mean they have no value, They simply give you milestones to step in and trade. Managing the trade after wards is the real key.
Wednesday a lot of technical traders sold gold against that trend line when we settled below it. Low an behold, we scream higher and chase those shorts out.
I have noticed (and I […]
Happy Friday: Buy gold; Buy Beans: Buy Dow and S&P puts
There’s a decent triangle formation in Dec Gold. However, its dicey on the bottom. If you look at the trend line, a lot of technical traders got chopped up and head-faked with the settlement below that trend line. News flash. Technical trend lines don’t Always Work… That doesn’t mean they have no value, They simply give you milestones to step in and trade. Managing the trade after wards is the real key.
Wednesday a lot of technical traders sold gold against that trend line when we settled below it. Low an behold, we scream higher and chase those shorts out.
I have noticed (and I […]
Buy Wheat Sell Corn at these levels.
The Wheat Corn Spread had come back 1/2 way. I am looking at buying wheat selling corn , putting the spread on looking for it to widen back scale in buying between $2.15 and $2.00. Look for a bounce back out to $2.30 to 2.45.
That is all.
I wouldn’t go hog wild on this, but I think its worth a look for a pretty speculative trade. Its dicey trying to buy a bottom, but wheat is back down within 12 cents of its recent 15 […]
Trade Update Bean Profits on Speculative Longs
Bean speculative longs worked well.
SF rallied to a 1-1/2 month low and has come back nicely from the low’s pre-report.
Tomorrow I’ll write more about my grain ideas.
I don’t believe we will reach CZ4.50 prior to December options expiration in 10 days.
CER
Sell march Feeders or Protect these Prices if you need a Hedge
Based on the Corn and Bean Action, along with the failure of this trend line I suggest placing hedges for feeder cattle at these levels. We have been on a hell of a rally. Resistance at 166 on the charts looks to be solid. Sell rallies here and look for an eventual break down to the 160 level.
If you are a producer, you can protect these high prices in the face of a correction. […]