Good afternoon! Moving averages are one of the most basic yet most meaningful indicators out there for potential price support or resistance, in my opinion. Another basic tool is trend lines. When they match up together, I’m taking notice.
- May Corn posts strong close following roller-coaster China headline day, trend line resistance matches up with major moving averages near 3.83;
- Front month ethanol futures approach long term 200 day moving average resistance, trend line resistance, overbought;
- 50 day moving average on May Soybeans (Weekly) looks like important resistance near 9.30;
- Spring Wheat pushing on key trend line resistance, matching up with (you guessed it) the 50 day moving average;
- May Oats run out of gas at major moving average convergence point;
- Live Cattle, Lean Hogs top heavy?
- US Dollar continues to weaken into Fed Meeting, approaching long term bull trend support.
Contact your broker to discuss your trading or hedging plan!
This article originally appeared in the Technical Ag Knowledge Newsletter “Moving Averages Flex Muscle **VIDEO Chart Analysis**” on 03/19/19.
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