Agricultural Technicals - 2022.02.09
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Note: Data is collected using the closing values of the previous session and calculations and analysis are run at the same time. Technical commentary is based solely on statistical indicators and does not necessarily correspond to any fundamental analysis that may appear elsewhere in this report. Data sources can and do produce bad ticks that can cause computation errors. Please verify before use.
SOYBEANS (MAR) 02/09/2022: Studies are showing positive momentum but are now in overbought territory, so some caution is warranted. The market's close above the 9-day moving average suggests the short-term trend remains positive. The market's close below the 1st swing support number suggests a moderately negative setup for today. The near-term upside target is at 1598 1/4. The market is becoming somewhat overbought now that the RSI is over 70. The next area of resistance is around 1582 3/4 and 1598 1/4, while 1st support hits today at 1555 1/4 and below there at 1543 1/2.
SOYBEAN OIL (MAR) 02/09/2022: Daily stochastics turning lower from overbought levels is bearish and will tend to reinforce a downside break especially if near term support is penetrated. The market's close below the 9-day moving average is an indication the short-term trend remains negative. The close below the 2nd swing support number puts the market on the defensive. The next downside objective is now at 61.50. The next area of resistance is around 64.51 and 66.17, while 1st support hits today at 62.18 and below there at 61.50.
SOYMEAL (MAR) 02/09/2022: Momentum studies are trending higher but have entered overbought levels. The market's short-term trend is positive on the close above the 9-day moving average. With the close higher than the pivot swing number, the market is in a slightly bullish posture. The near-term upside target is at 458.9. With a reading over 70, the 9-day RSI is approaching overbought levels. The next area of resistance is around 456.8 and 458.9, while 1st support hits today at 451.4 and below there at 448.2.
CORN (MAR) 02/09/2022: Momentum studies are trending lower from high levels which should accelerate a move lower on a break below the 1st swing support. The market's close above the 9-day moving average suggests the short-term trend remains positive. It is a slightly negative indicator that the close was lower than the pivot swing number. The next downside objective is now at 622 3/4. The next area of resistance is around 637 and 641 1/2, while 1st support hits today at 627 1/2 and below there at 622 3/4.
CORN (MAY) 02/09/2022: Rising stochastics at overbought levels warrant some caution for bulls. The close above the 9-day moving average is a positive short-term indicator for trend. The daily closing price reversal down puts the market on the defensive. It is a slightly negative indicator that the close was lower than the pivot swing number. The near-term upside objective is at 643 1/2. The next area of resistance is around 638 3/4 and 643 1/2, while 1st support hits today at 629 1/4 and below there at 624 1/4.
WHEAT (MAR) 02/09/2022: The cross over and close above the 40-day moving average is an indication the longer-term trend has turned positive. Momentum studies trending lower at mid-range should accelerate a move lower if support levels are taken out. The intermediate trend could be turning up with the close back above the 18-day moving average. The outside day up and close above the previous day's high is a positive signal. A positive setup occurred with the close over the 1st swing resistance. The next downside target is now at 745 1/2. The next area of resistance is around 792 3/4 and 801 1/4, while 1st support hits today at 764 3/4 and below there at 745 1/2.
KC WHEAT (MAR) 02/09/2022: The cross over and close above the 40-day moving average is an indication the longer-term trend has turned positive. The daily stochastics gave a bullish indicator with a crossover up. Positive momentum studies in the neutral zone will tend to reinforce higher price action. The market's short-term trend is positive on the close above the 9-day moving average. The outside day up is somewhat positive. Market positioning is positive with the close over the 1st swing resistance. The near-term upside target is at 822 1/2. The next area of resistance is around 815 3/4 and 822 1/2, while 1st support hits today at 789 3/4 and below there at 770 1/2.
MINN WHEAT (MAR) 02/09/2022: A bullish signal was given with an upside crossover of the daily stochastics. Momentum studies are trending higher from mid-range, which should support a move higher if resistance levels are penetrated. A positive signal for trend short-term was given on a close over the 9-bar moving average. The outside day up and close above the previous day's high is a positive signal. The market's close above the 2nd swing resistance number is a bullish indication. The near-term upside objective is at 965 1/4. The next area of resistance is around 956 1/2 and 965 1/4, while 1st support hits today at 924 1/2 and below there at 901.