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Daily Grain Technicals


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Corn (July)


Fundamentals: Corn futures are trying to grind higher in the early morning trade but remain mostly range-bound as of late as market participants wait for new news to give us new direction. With funds positioned the way they are, we believe the near-term risk is to the upside, so long as we continue to defend technical support. Weekly export sales will be out tomorrow morning (holiday week).


Technicals: Not much has changed on the technical landscape over the last 24-hours as the market continues to trend sideways. 320-325 continues to be the barrier the bulls NEED to chew through to encourage another wave higher, the sooner the better. The next line in the sand comes in from 330-333. This pocket represents previous support and the breakdown point in April, which then became resistance, this pocket also contains the 50-day moving average.....Contact us for the FULL report!


Bias: Bullish

Previous Session Bias: Bullish


Resistance: 320-325***, 330-333****, 343 -344 **

Pivot: 316-317

Support: 308 -310*** 298 -301 **


Soybeans (July)


Fundamentals: Just like corn, soybeans remain mostly range-bound, just a wider range. The market feels like it wants to work higher but concerns over U.S. and Chinese trade relations have been keeping a lid on any meaningful breakout. Weekly export sales will be out tomorrow morning (holiday week).


Technicals: The market has tried to reach our 4-star resistance pocket again but have run out of steam in the early morning trade, that pocket remains intact from 857-861 . If the Bulls can chew through this pocket, we could see a whoosh higher as trend followers jump on board a potential breakout move. The next pocket or resistance does not come in until 877 -882 . A failure to breakout likely takes us back down to our pivot pocket and possibly below.....Contact us for the FULL report!


Bias: Bullish/Neutral

Previous Session Bias: Bullish/Neutral


Resistance: 857-861 ****, 877 -882 ***

Pivot: 829-834

Support: 818-821***, 808 ***, 791**


Chicago Wheat (July)


Technicals: Wheat futures traded in a wide range yesterday, finishi8ng the session in negative territory after failing to reclaim ground above our pivot pocket. Until we see consecutive closes above 512 -514 the bears remain in control. The trend is your friend, and for the last two months that has been lower highs and lower lows.....Contact us for the FULL report!


Bias: Neutral/Bearish

Previous Session Bias: Neutral/Bearish


Resistance: 525-529****

Pivot: 512 -514

Support: 491 -494 ***


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Call/Text/Email, Oliver with any questions.

Oliver@BlueLineFutures.com and 312-837-3938



Futures trading involves substantial risk of loss and may not be suitable for all investors. 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.




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Oliver Sloup is Vice President of Blue Line Futures, a leading futures and commodities brokerage firm located at the Chicago Board of Trade. Blue Line Futures mission is to put the customer first, and that means bringing YOU the best customer service, consistent and reliable research and state of the art technology.  Oliver has been a guest on CNBC and Bloomberg, among others.  Oliver has over a decade of trading experience. Prior to Blue Line Futures, Oliver worked as the Director of Managed Futures at iiTRADER.

 

 

Contributing author since 10/6/17 

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