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Grain Futures Stall Against Technical Resistance

Grain Express

/ by BlueLineFutures | Leave a comment

Grain futures have taken a pause in the recent rally after tagging our resistance levels for corn and soybeans. Is the top in or is the market just catching its breath.

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Corn

Technicals (July)
Good ol’ fashioned technical analysis (with all its flaws included) is alive and well. July corn futures broke out which accelerated the buying towards our resistance pocket 471-474 3/4. So far that has held in the overnight trade with a high of 472. We are moving our bias from outright Bullish to Bullish/Neutral (We think there’s still more upside but may take a pause). If you’ve been long the market, this may be a spot to reduce exposure. If you need to hedge, this is a spot to look at. Keep in mind that we have a WASDE report. If you’re in the camp that the short covering rally will continue, options are a great way to help manage risk. Feel free to reach out to our trade desk to discuss: (312) 278-0500.

Bias: Bullish/Neutral

Resistance: 471-474 3/4***

Pivot: 456 1/2-460 

Support: 448-451**, 441 3/4-444 1/2***

ZCN2024_2024-05-07_06-23-36

Soybeans

Technicals (July)
The market was able to chew through our pocket from 1220-1225 which has opened the door for a run at our next resistance pocket, 1252-1259, that was achieved in the overnight trade with a high of 1255. As mentioned in the corn section, these are resistance levels to consider taking action on. If you’ve been long the market (futures or physical), this may be a spot to reduce or hedge that exposure. If the Bulls can chew through resistance the next significant resistance pocket comes in at the gap from January 2nd, that comes in from 1305 1/4-1311 3/4. Don’t hesitate to reach out to our trade desk to discuss strategy: (312) 278-0500.

Bias: Neutral/Bullish

Resistance: 1252-1259***, 1305 1/4-1311 3/4****

Pivot: 1220-1225 

Support:  1199 1/2-1204****, 1182 1/4-1186 1/4****


ZSN2024_2024-05-07_06-33-37

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Futures trading involves a substantial risk of loss and may not be suitable for all investors. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. 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.

Blue Line Futures is a member of NFA and is subject to NFA’s regulatory oversight and examinations. However, you should be aware that the NFA does not have regulatory oversight authority over underlying or spot virtual currency products or transactions or virtual currency exchanges, custodians, or markets. Therefore, carefully consider whether such trading is suitable for you considering your financial condition.

With Cyber-attacks on the rise, attacking firms in the healthcare, financial, energy, and other state and global sectors, Blue Line Futures wants you to be safe! Blue Line Futures will never contact you via a third-party application. Blue Line Futures employees use only firm-authorized email addresses and phone numbers. If you are contacted by any person and want to confirm your identity please reach out to us at info@bluelinefutures.com or call us at 312- 278-0500

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