Opinion: Traders Are Watching These Technical Areas on Corn, Wheat, Soybeans

Published

3 years ago

March 22, 2021

Austin Daniels

Quick Take

China purchases massive amounts of Corn
Soybean supply and demand left unchanged
Wheat on the verge of a potential breakdown

CORN

Corn has been trading in a descending triangle since the end of January but appears to be attempting to gain momentum as it crosses back above $50.

With the MACD nearing a bullish convergence, traders could potentially take this as a sign of momentum.

March 9th on the USDA Supply & Demand review CORN ended with more supply as production rises.

WHEAT

WHEAT is currently breaking below its descending channel which could cause panic to start coming in if someone does not support this level.

Todays session WHEAT did close 2 points higher.

Around $620 will be a area of potential focus on Wall Street and in Chicago as this has been a former support area in the past.

SOYBEANS

Soybeans has fell below a short term trend line as it pulls back from a recent rally from Novemeber.

The big technical area that has the attention of Soybeans is the 50 day moving average. As you can see on Thursday it sold off heavy and held the 50 day moving average as support.

Commodities: Soybeans Is Trading Near A Key Level

Published

2 years ago

May 22, 2022

Austin Daniels

Grains have saw a BOOM and as commodities tend to trade, we should expect a BUST, right? Well maybe that is not the case yet because Soybeans in trading near a very important level.

Soybeans is trading over 100 points off of Mays low as it is inching closer to the key $1,800 area.

As you can see the chart above, you can see that around 2012 Soybeans was trading near the current levels it is trading at.

This key area is going to be $1789 and above this level could be a nice breakout potentially.

Right now Soybeans currently trades at $1705 but, it has been consolidating for a few weeks now as it has traded in a range around $1600-$1700.

Wheat Breakouts Out Of Channel…AGAIN

Published

2 years ago

May 16, 2022

Austin Daniels

Wheat Futures saw a gap up as futures opened last night.

This came after it broke out on Thursday and it has gained momentum Friday followed by a gap up on Sunday.

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Soybeans Trying to Breakout Over $1600

Published

2 years ago

February 18, 2022

Austin Daniels

It has been quite the ride for Soybean traders the past few months as it has gone from $1600 back down to $1200 and now back at $1600.

The question is will it be a double top or will it actually breakout above $1600 this time.

First, I want to give credit to our very own @ChartBreakouts on twitter for calling this breakout via twitter.

#SOYBEANS is trying to breakout. pic.twitter.com/qrBkbmv2bD
— Sir Chartist (@ChartBreakouts) December 16, 2021

The Chart

Since Soybeans had bottomed around $1200 it had broken out and not looked back. As you can see this current area is very strong resistance from a few months back and all eyes will be on the $1600 area.

Earlier this week Soybeans did try to gain momentum over $1600 but that was not long lived and in result it fell back below $1600.

This morning Soybeans is currently trading around $1599 and is on watch today to see if demand can come into it and push it higher