Daily Moving Averages: 21, 55, & 100: 2.388, 2.378, 2.451
Weekly Moving Averages: 21, 55, & 100: 2.460, 2.307, 2.453
We were in a sell the rally mode for Monday.
- Weakness was seen across the grain boards as traders await the crop report Tuesday morning.
- However, the falling demand in gasoline is also impacting this market.
- Jan broke through and settled below trend support Monday. This can be seen on the chart below.
- Note too that this pattern of the larger degree scale is forming an A-B-C correction to the downside.
- This will likely mean that the key downside pivot of 2.31 will be tested in short order.
- Jan will have minor resistance at 2.375 to 2.38.
- The minor upside pivot is 2.387.
- Key resistance for the intraday chart rests at 2.40.
- The key upside pivot is 2.45.