FOR TUESDAY: (11/29) Grain cycles are still weak into Wednesday and month-end profit-taking should set in and we have contract rollover from the Dec. contracts which go into first notice. Meats are acting toppy also and we need secondary highs to get better risk/reward for new sales but they seem vulnerable to fall. JAN. SOYBEANS (electronic ok)
TRADING RECOMMENDATION: Stand aside.
TODAY’S COMMENTS: (11/29) Beans failed at key channel resistance at 1064 and have come off the highs. Five wave pattern complete is done now to the upside and a pullback to 1020 could happen this week with a divergent high at 1069 seeming unlikely. We can’t sell a roaring bull but wait for a 3-day pullback if you want to be long. Rains worked across most of the growing region in South America over the weekend. Brazil should see more rain this week but Argentina may be dry until next week, according to today’s forecasts. The minimum 3-wave pattern for the late fall is to 1064 but certainly it will be difficult to take out 1090.
CYCLES OVERVIEW: Lower into Nov. 29-30 and Dec. 1-2; higher into Dec. 9.
Comments are closed.