Early week price action serves as a great example of the permeation of geopolitical risks within macroeconomic markets like crude oil.
We filled the gap from Monday’s session today before ultimately finding support near the 38.2% retracement of the last 6 month’s price extremes.
Seasonally, the fall and winter are bearish for the crude oil market, but any escalation in the Isreali-Palestinian conflict can send crude prices higher very quickly.
December Corn
We’ve maintained trendline support very well since putting in a contract low a few weeks ago.
The average trading range has consolidated tremendously over the past two and a half months.
Could this be the quiet before the storm? Any bullish surprises in tomorrow’s USDA report could send corn higher and spark a short-covering rally.
Seasonally, corn sees a bounce toward the end of October as end users begin booking their commitments for end-of-year promotional items.
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