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Did yesterday’s selloff change the technical picture for corn?

Grain Express

/ by BlueLineFutures | Leave a comment

Corn futures were under pressure the last few days, but was it enough to cause technical damage or is the trend still intact? 

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ZCN2024_2024-05-16_06-07-06

Corn

Technicals (July)
July corn futures continued to peel back in yesterday’s trade, but all in all we saw yesterday’s trade as a healthy correction following a failure against resistance. As you can see from the chart below, we are still defending previous resistance as well as trendline support. If the Bulls can defend the levels it would make another round of higher lows, which could potentially take us to mark higher highs. If 456-460 were to give way on a closing basis that would neutralize our bias.

As mentioned yesterday (and previous reports), we believe we are an environment where shorter term opportunities on both sides of the market will be plentiful for active traders. If you’re a producer, that is probably going to be a different colored lens as you may be more proactive in playing defense.

Bias: Bullish/Neutral

Resistance: 483 1/2-486***

Pivot: 471-474 3/4

Support: 456 1/2-460*, 448-451

ZSN2024_2024-05-16_06-15-15

Soybeans

Technicals (July)
July soybean futures looked like they were going to breakout above our pivot pocket and run, but that early morning momentum fizzled out and took prices back near unchanged at the close. Our short-term bias remains Neutral/Bullish, aka Cautiously Optimistic. A break and close below 1199 1/2-1204 would neutralize that bias if not flip it into bearish territory.

Bias: Neutral/Bullish

Resistance: 1232 1/4-1236 3/4, 1252-1259

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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