Fundamentals: This morning’s weekly export sales report showed net sales of 185,800 MT for 2021/2022 were up 23 percent from the previous week, but down 52 percent from the prior 4-week average. Net sales of 48,700 MT for 2022/2023
Technicals (July): Corn futures took a breather yesterday, trading in a relatively narrow range, keeping technical levels intact from yesterday’s commentary. 729-733 has been a meaningful support pocket for us coming into this week’s trade, it is now acting as a pivot pocket as it has become a battleground area for the Bulls and Bears over the last two sessions. A failure to defend this pocket could spark additional long liquidation. With that said, we wouldn’t be surprised to see some relief come into the market first, with the objective being a retracement of the breakdown point from Wednesday, 747-753.
Bias: Neutral/Bearish
Previous Session Bias: Neutral/Bearish
Resistance: 747-753****, 769-773***, 789 ½-790 ½**, 800-803 ¾**
Support: 729-733**, 714-720 ½****
Technicals (July): Corn futures took a breather yesterday, trading in a relatively narrow range, keeping technical levels intact from yesterday’s commentary. 729-733 has been a meaningful support pocket for us coming into this week’s trade, it is now acting as a pivot pocket as it has become a battleground area for the Bulls and Bears over the last two sessions. A failure to defend this pocket could spark additional long liquidation. With that said, we wouldn’t be surprised to see some relief come into the market first, with the objective being a retracement of the breakdown point from Wednesday, 747-753.
Bias: Neutral/Bearish
Previous Session Bias: Neutral/Bearish
Resistance: 747-753****, 769-773***, 789 ½-790 ½**, 800-803 ¾**
Support: 729-733**, 714-720 ½****
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.