We’re still waiting to see if the “Hanging Man” in last week’s Soybean market leads to lower prices, or if China will step in with some major orders in the days ahead to spark a move higher. While remaining mindful of that, the pennant race is heating up in a few other markets, namely Corn (weekly), Oats, and Natural Gas.
In addition, here’s what else we look at in today’s video:
- Nov 2019 Soybeans are on the upper end of a 5 month channel; Jan at horizontal resistance,
- Dec 2019 Cotton catching multi-month support off the 200 day moving average,
- March Feeder Cattle holds major support, rally back to the 200 day MA resistance in near future?
- US Dollar holding trend line support, still bullish
- Crude Oil stabilizes around 50.00
- US stock market volatility continues, triple bottom DOW at 24300
Contact your broker to discuss your trading or hedging plan!
This article originally appeared in the Technical Ag Knowledge Newsletter “Pennant Race **VIDEO Chart Analysis**” at 12/11/18 03:17:26 PM.
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