I realize the grains have been lack luster this past week to say the least which is unusual considering the dollar had fallen all week as well. The dollar fell below its previous daily cycle low. With 11 to 21 days remaining until the next cycle bottom, we could see the dollar reach the previous intermediate cycle low set back in September. Despite a lack luster week in the grains, neither corn or soybeans broke key technical areas. By far, the weakest of the grains was wheat which started off this past week sharply lower, eventally breaking below support. A further drop to the $8.12 area would provide wheat with a 38.2% retracement, and would not only pull wheat very close to the 200 DMA, but might also trigger a buy signal on the CCI oscillator. I remain very bullish wheat.
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