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Technical Update - Grains breaking bearish: Wheat, Corn & Soybeans
Wheat has broken bearish out of its sideways range taking out support at around 712.50.
On the weekly chart Wheat has formed a Descending triangle like pattern that in this case has proved to be a continuation pattern with further downside potential. With last week’s close below 712.50 Wheat has resumed down trend both short- and medium-term with down side potential to the 200 weekly Moving Average and support at around 677. However, a dip down to support at 615 is not unlikely.. is likely to be tested.
To reverse this bearish picture a close above 797.50 is needed.
Corn has broken below support at around 648.50 and if closing below next support is at around 635.
Negative RSI supports the bearish outlook. A bearish outlook that could take Corn down to around 628. However, the 635 support is fairly strong suggesting Corn could bounce from here followed by sideways range trading for quite some time. But if breaking below 635 there is support at around 628.50
Soybeans has broken below rising trendline. A close below is likely to fuel a sell-off that could take Soybeans down to the 0.382 retracement and support around 1,477-1,470.
200 daily MA will offer some support.
RSI divergence has been warning about a correction to occur for some time.
If Soybeans manage to close above the rising trendline the uptrend could be extend. For confirmation of this scenario to play out a close above 1,555.50 is needed.
200 daily MA will offer some support.
RSI divergence has been warning about a correction to occur for some time.
If Soybeans manage to close above the rising trendline the uptrend could be extend. For confirmation of this scenario to play out a close above 1,555.50 is needed.