This Corn Seasonal is in Play
Corn
Seasonal Trends in Play: Short September corn from 6/13-7/27. This has been profitable for 13 of the last 15 years with the average gain being roughly 33 cents, or $1,650 per one 5,000-bushel contract.
Technicals: Corn futures were able to defend the previous day's low during yesterday's session but didn't do much to change the technical outlook. Our pivot pocket remains intact, that comes in from 769-773 1/2. trendline resistance and the 50-day moving average come in just above that, near 776-778. On the support side of things, 747-753 is the significant pocket and potential inflection point. If the Bulls fail to defend that pocket, we could see long liquidation take us back to the lows from two weeks ago, in the mid 720s.
Bias: Neutral/Bearish
Previous Session Bias: Neutral/Bearish
Resistance: 776-778*** 789 ½-790 ½**, 800-803 ¾**, 809-810 ¼***
Pivot: 769-773 ½
Support: 747-753****, 720-726 ½****
Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.
Seasonal Trends in Play: Short September corn from 6/13-7/27. This has been profitable for 13 of the last 15 years with the average gain being roughly 33 cents, or $1,650 per one 5,000-bushel contract.
Technicals: Corn futures were able to defend the previous day's low during yesterday's session but didn't do much to change the technical outlook. Our pivot pocket remains intact, that comes in from 769-773 1/2. trendline resistance and the 50-day moving average come in just above that, near 776-778. On the support side of things, 747-753 is the significant pocket and potential inflection point. If the Bulls fail to defend that pocket, we could see long liquidation take us back to the lows from two weeks ago, in the mid 720s.
Bias: Neutral/Bearish
Previous Session Bias: Neutral/Bearish
Resistance: 776-778*** 789 ½-790 ½**, 800-803 ¾**, 809-810 ¼***
Pivot: 769-773 ½
Support: 747-753****, 720-726 ½****
Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.
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