July Corn Futures Rallied Out of the Recent Oversold Technical Condition
July Corn Futures
Aided by the developing weather market, July corn futures rallied out of the recent oversold technical condition. Prices will need to close above the previous swing high of 6.445 to technically end the current downtrend they’ve been mired in for months. Initial support is at 5.84 followed by the May low of 5.51.
December Corn Futures
December futures need to close over the previous swing high point of 5.495 to technically end the current downtrend which began from the August high. This chart is “almost” a textbook example of a downtrending market that clearly shows the process of lower highs and lower lows. If futures could move into the 5.50′s the next upside target is 5.75. Initial support is 5.27 followed by the weeks low of 5.075.
July Soybean Futures
July bean futures recovery this past week has the weeks close just above the key 40 day moving average line. Prices have broken the short term downtrend that developed off the May high as the technical condition turned more positive this past week. If prices can move above the near term resistance of 14.50, the May high of 15.12 becomes the next upside objective. There is a double line of support near 13.85 with additional support at the past weeks low of 13.315.
November Soybean Futures
November futures also broke the month long slump as values moved above the previous swing high and closed the week out above the major moving averages. A price close above 13.68 should allow a challenge of the 14 dollar mark once again if the rally continues. Otherwise support is developing just below 13.00 with the weeks low of 12.45 offering additional support.
July Wheat Futures
July wheat futures tagged along the corn and beans this past week and struggled at the 40 day moving average line. Resistance above the weeks high of 6.45 are retracement levels of 6.57 and 6.72. Support is at the swing low of 6.11followed by the May low of 5.92.
September US Dollar
After the prior weeks chart reversal was posted, prices followed through to the downside the majority of this past week until Friday’s rally. Although some minor technical damage has been done this market remains in an overall uptrend. If values were to take out this past weeks low of 82.35, further downside movement should be expected. Resistance is the June high of 84.00.