01-27-2013 06:09 PM - edited 01-27-2013 11:54 PM
2344 hrs - downside target for beans = 1425-1423^2 between 0800-close on Mon. regardless - if high for session is already in. Again, if 1461 needs to be eclipsed = strong sell. After initial downside target is hit, i expect a bounce of 10-20 cents. if time stretches out, downside is lower: it is based on a downtrend line. more tomorrow after more is revealed.
2000 hrs: take it easy cat, we have several days of consolodation going on and several opportunities in the beans - an eclipse of 1461 will make a nice expanding triangle...the COT was not comensurate with follow through up....yet... Feb Break??
Good evening: The clearest trade currently is the long Wheat - target for Monday comes in 792^4-793 (remember the first target I presented of 787^4) That's based on an uptrend line.......
Might try to enter shorts around 1445^4 ---first impression after the close - 1800 hrs - we kept offers out because of the strength on board (ladder) pre-open........could see trade to 1461 (eclipsing Jan 22 high) for Monday session...........my take after this strong open is to be patient for shorts in this area (if it presents)
I'm impressed with the Beans strength with all those amazing photo's from Brazil (harvest)....I still see 1413-1405 better support for longs........but the down move will likely be bumpy (= many short term opportunities)
More later. thx,
01-28-2013 08:27 AM
Beans trading into a wedge or pennant formation whichever you want to call it. Could breakout over 1 buck. I understand, she could breakout either way, should know in a few days. Tough resistance around 14.50 for now
01-28-2013 10:47 AM
Yes, C-X-1, thanks for bringing that up. I still have 40% of my 2012 beans left!!!!!!!!!! Yes, I know I probably screwed up but got $17+ on some of the 2012 crop beans. Win some, lose some, the story of my life!!! LOL