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Grain Futures Fail at Resistance and Retreat to Support. Will it Hold?

Grain Express

/ by BlueLineFutures | Leave a comment

Corn, soybeans, and wheat all stalled out against our resistance pockets this week which has brought prices back to technical support. Is it a buy the dip market?

Grain Markets Fail at Resistance and Retreat to Support

Corn, soybeans, and wheat all tested and all failed against technical resistance in yesterday’s trade, taking prices back near significant support. Will it hold?

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from corn and cattle to oil, metals, and more!

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ZCN2024_2024-05-09_06-39-10

Corn

Technicals (July)
July corn futures reversed after failing against our resistance pocket from 471-474 3/4 (which we noted in the last two days as a spot to reduce long exposure). Prices have now retreated back near our pivot pocket from 456 1/2-460. If you reduced against resistance, this is a spot to consider getting that exposure back on. A break and close below this pocket would start to neutralize that thesis. The markets are finally coming to life which certainly makes the trading aspect more exciting! Let’s cross our fingers it sticks around for a while.

Bias: Bullish/Neutral

Resistance: 471-474 3/4***

Pivot: 456 1/2-460

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

ZSN2024_2024-05-09_06-45-10

Soybeans

Technicals (July)
In our last two morning reports we talked about reducing long exposure at our resistance pocket from 1252-1259. If you had done that, you may be looking at our pivot pocket from 1220-1225 to reinitiate that exposure. Keep in mind that we do have a WASDE report tomorrow which could impact prices and change technicals. With that said, we think the market will quickly move past this report and focus on other catalysts such as weather, crop development, geopolitics, etc. The ranges have expanded recently which should keep the tradable opportunities alive and well, especially during this time of year.

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

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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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