Technical Analyst, Saxo Bank Group
Wheat is in a confirmed down trend closing below 1,034 support yesterday. RSI below 40 and testing key support at 972. A Daily close below is likely to fuel further sell off down to around 900-887. To reverse the bearish picture Wheat must close above 1,109.
Read our Commodities specialist, Ole Hansen's report about the background here: https://www.home.saxo/content/articles/commodities/finally-some-good-news-as-food-prices-ease-21062022
Soybeans has been range bound for the better part of 2022. A range that needs to be broken for direction.
Corn couldn’t stay above the falling trend line after bullish break out last week. RSI is still showing bearish sentiment indicating Corn to weakening further. 725 is key support that is likely to be tested.
If Corn prices again breaks above the upper falling trend line RSI must confirm the uptrend by closing above 60 threshold. If it doesn’t it could be another false bullish break. If that scenario plays out 825 is in the cards.
Coffee is technically in a short-term uptrend. RSI positive sentiment. Coffee is likely to test 242. If it closes above February highs at around 260 is likely to be reached.
For this bullish scenario to be demolished and reversed a close below 218 is needed.
Quarterly Outlook
Chief Investment Strategist
Quarterly Outlook
Head of Fixed Income Strategy
Quarterly Outlook
Chief Investment Strategist
Quarterly Outlook
Chief Investment Strategist
Quarterly Outlook
Head of Commodity Strategy
Quarterly Outlook
Chief Investment Strategist
Quarterly Outlook
Chief Investment Strategist
Quarterly Outlook
Chief Investment Strategist
Quarterly Outlook
Head of Fixed Income Strategy
Quarterly Outlook
Head of Commodity Strategy
Disclaimer
The Saxo Bank Group entities each provide execution-only service and access to Analysis permitting a person to view and/or use content available on or via the website. This content is not intended to and does not change or expand on the execution-only service. Such access and use are at all times subject to (i) The Terms of Use; (ii) Full Disclaimer; (iii) The Risk Warning; (iv) the Rules of Engagement and (v) Notices applying to Saxo News & Research and/or its content in addition (where relevant) to the terms governing the use of hyperlinks on the website of a member of the Saxo Bank Group by which access to Saxo News & Research is gained. Such content is therefore provided as no more than information. In particular no advice is intended to be provided or to be relied on as provided nor endorsed by any Saxo Bank Group entity; nor is it to be construed as solicitation or an incentive provided to subscribe for or sell or purchase any financial instrument. All trading or investments you make must be pursuant to your own unprompted and informed self-directed decision. As such no Saxo Bank Group entity will have or be liable for any losses that you may sustain as a result of any investment decision made in reliance on information which is available on Saxo News & Research or as a result of the use of the Saxo News & Research. Orders given and trades effected are deemed intended to be given or effected for the account of the customer with the Saxo Bank Group entity operating in the jurisdiction in which the customer resides and/or with whom the customer opened and maintains his/her trading account. Saxo News & Research does not contain (and should not be construed as containing) financial, investment, tax or trading advice or advice of any sort offered, recommended or endorsed by Saxo Bank Group and should not be construed as a record of our trading prices, or as an offer, incentive or solicitation for the subscription, sale or purchase in any financial instrument. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, would be considered as a marketing communication under relevant laws.
Please read our disclaimers:
- Notification on Non-Independent Investment Research (https://www.home.saxo/legal/niird/notification)
- Full disclaimer (https://www.home.saxo/en-gb/legal/disclaimer/saxo-disclaimer)