Corn Pop?
Corn
Technicals (December)
It's the first trading day of a new month and so far, it's been rather mute, but that could change when we get more participation at the 8:30 open. Last week, December corn futures were able to chew through and close above trendline resistance and the 20-day moving average, for the first time since July 25th. The move above here has not turned the tide to outright bullish, but it has certainly helped to neutralized some of the bearish momentum. These levels will now act as support to start the month, a failure to defend them puts the Bears right back in the driver's seat. On the resistance side, our pocket from last week remains intact from 401-403 3/4.
Short Term Bias and Technical Levels of Importance
Bias: Neutral/Bullish
Resistance: 401-403 3/4***, 409-413****
Pivot: 395-397 1/4
Support: 380-385***
Check out CME Group real-time data plans available on TradingView here: tradingview.com/cme/
Disclaimers:
CME Real-time Market Data help identify trading set-ups and express my market views. If you have futures in your trading portfolio, you can check out on CME Group data plans available that suit your trading needs tradingview.com/cme/
*Trade ideas cited above are for illustration only, as an integral part of a case study to demonstrate the fundamental concepts in risk management under the market scenarios being discussed. They shall not be construed as investment recommendations or advice. Nor are they used to promote any specific products, or services.
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.
Technicals (December)
It's the first trading day of a new month and so far, it's been rather mute, but that could change when we get more participation at the 8:30 open. Last week, December corn futures were able to chew through and close above trendline resistance and the 20-day moving average, for the first time since July 25th. The move above here has not turned the tide to outright bullish, but it has certainly helped to neutralized some of the bearish momentum. These levels will now act as support to start the month, a failure to defend them puts the Bears right back in the driver's seat. On the resistance side, our pocket from last week remains intact from 401-403 3/4.
Short Term Bias and Technical Levels of Importance
Bias: Neutral/Bullish
Resistance: 401-403 3/4***, 409-413****
Pivot: 395-397 1/4
Support: 380-385***
Check out CME Group real-time data plans available on TradingView here: tradingview.com/cme/
Disclaimers:
CME Real-time Market Data help identify trading set-ups and express my market views. If you have futures in your trading portfolio, you can check out on CME Group data plans available that suit your trading needs tradingview.com/cme/
*Trade ideas cited above are for illustration only, as an integral part of a case study to demonstrate the fundamental concepts in risk management under the market scenarios being discussed. They shall not be construed as investment recommendations or advice. Nor are they used to promote any specific products, or services.
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.
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