In the race to be the first to report a story, we’ve seen several media outlets erroneously report on the US/China trade situation recently. In fact, we were talking about this exact same thing in the last video on Thursday.
It appears another instance of “fake news” occurred today as senior Trump administration officials denied a report by the Financial Times that trade prep meetings with China this week had been cancelled. Markets had previously sold off around the noon hour before recovering somewhat prior to the close.
Chart levels to be aware of:
- DOW futures remain bullish on the charts with 24250 support;
- March Soybeans consolidating between the trend line support and 200 day moving average;
- March Corn export inspections strong at 1.108 MMT, charts continue to coil, trend line support 3.77, resistance 3.83;
- New crop Dec/March Corn continue to face resistance at 200 day moving average;
- Wheat contracts rumored to be getting more competitive on export market, close above 50 day moving average becomes new support;
- Nearby cattle futures face heavy liquidation on better than expected weather across the Plains, testing the long term support line of bull channel;
- USD technically neutral;
- Crude oil corrects from high RSI, support of uptrend at 50 day moving average?
Contact your broker to discuss your trading or hedging plan!
This article originally appeared in the Technical Ag Knowledge Newsletter “Fake News Volatility **VIDEO Chart Analysis**” on 01/22/19.
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