Posted on March, 13, 2024 at 09:36 am
We were on RFD-TV yesterday morning with Scott the Cow Guy, sharing our thoughts on the recent price action in the grain and livestock markets.
Technicals (May)
May corn futures posted their fourth consecutive day of gains but have failed to find any follow-through in the overnight and early morning trade as prices flutter around our resistance pocket near 440. We remain upbeat and think there is more upside potential in corn from these levels but would welcome a day of consolidation. Support comes in from 431 1/2-433 1/2. If the Bulls can chew through yesterday’s high, we could see an extension towards 447 1/2-450, which represents previously important price points and the 50-day moving average.
Bias: Bullish/Neutral
Resistance: 440-442, 447 1/2-450*
Pivot: 431 1/2-433 1/4
Support: 421-422, 415-416, 398-402**
Futures trading involves 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.
Source: Barchart