Grains Markets setups, signals and targets
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Corn “C” – mini “ZC” – (Mar)
Coverage for February 1
Wednesday's open eventually surged to 409-1/4, a 1/4-point short of a two-week old outstanding gap. Unable to break higher, the market reversed coming out of the noon hour, ending the day in negative territory and back under the 405 long-entry parameter. Unless recovered without delay Thursday, the market will more likely be at the upper-end of a range, on the way to its lower-end in the 391-392 area.
(Basis Mar) Long above 405 for 416 target, 401-3/4 stop
Wheat “W” – mini “YW”(Mar)
Coverage for February 1
Wednesday's open did what Tuesday's session failed to do, and surged above 462-1/2 through mid-morning. The balance of the session retraced some of the morning's gain, but still ended near session highs and capable of extending the bounce higher.
(Basis Mar) Short under 543 (10/18) for 515 (10/31) and 482 targets, 505 stop (met 11/22)
Soybeans “S”- mini “ZS” (Mar)
Coverage for February 1
Tuesday's rally seemed more like noise within a range, and less like the beginning of a new rally. So despite Wednesday morning's rally back to recent highs, the afternoon tumbled back into negative territory. Any close under Wednesday's 717-3/4 low would signal a more substantial drop underway.
(Basis Mar) Short under 717-1/2 for709 and 696 targets, 721 stop
Soybean Oil “BO”- mini “ZL” (Mar)
Coverage for February 1
The pattern had potential for filling the gap back to Jan 23's high close near 30.00 before reversing down. Wednesday morning's rally did pierce the lower-end of Jan 23's range, but reversed down well before filling its gap.
(Basis Mar) Short under 29.20 for 27.35 target, 29.50 stop
Soybean Meal “SM” – mini “ZM” (Mar)
Coverage for February 1
Monday's drop to the 203.50-204.50 correction target, and its retest Tuesday, had already produced firming into Tuesday's close. The recovery was too limited to be sustainable, so it wasn't surprising that Wednesday morning's higher highs were rejected by an afternoon drop into negative territory. Unless Wednesday's high is recovered by week's end, a more substantial drop should soon be underway.
(Basis Dec) Short under 195.50 (met 11/10) for 171 and 167 targets, 194 stop (met 11/24)
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