March 28, 2008
Focus: Corn, Soybeans, and Wheat
The daily charts of corn, soybeans, and wheat show similar price patterns; they are all above the recent support low, but at or below the long-term trendline. Corn ended the week as the strongest performer of the three. It closes up for five days in a row. In contrast, both soybeans and wheat were up at the beginning of the week, but closed down the last few days. This week(March 31-April 4) is likely to see a retest of the recent daily lows. Short-term support for the three grains: corn at 500, soybeans at 1205, and wheat at 970. Trend strength in corn suggests range consolidation.
Chart Courtesy of TradeStation.
Dr. Charles B. Schaap is the author of ADXcellence —Power Trend Strategies. He is a full time trader of futures and equities. His website is www.adxcellence.com .
