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Thursday's Market Minute: Big Gains For Grains

TD Ameritrade Network
·1 min read

Grain commodity futures now find themselves among the ranks of 2021’s other parabolic upward movers like Bitcoin and Tesla Inc (NASDAQ: TSLA). Corn futures are up about 26% since the most recent intraday lows on Dec. 2, while Soybean futures have risen about 23% during the same time. Soybeans have seen a strong move upward on high volume since the new year.

However, the /ZS contract is closing in on the 1450 level, which represents two standard deviations from the yearly Linear Regression Line and could likely be a point technical traders are watching for a stall in the trend. To the downside, watch for buyers to step in near the Parabolic SAR at 1374 and the 21-day Exponential Moving Average at 1314.

Corn is also showing lofty prices after eclipsing the 500 level with a big breakout, but yesterday saw aggressive selling after reaching 540 and it finished on a doji. For the /ZC contract, look for support at the confluence of previous resistance and the Parabolic SAR around 500, and also near the 21-day EMA at 480.

Photo by Paweł Wiśniewski on Unsplash

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