|
Pocahontas County, IA | I agree the daily chart shows the lowest close since 10/24/07. The pattern may suggest a head and shoulders type top with the left shoulder yet to come. The weekly chart will be interesting after Friday's action. As for a rush to buy US assets particularly commodities, bean charts seem top heavy. Historically, beans have only traded above $11 in the months of June, July, and August of 1973. The nearby contract has never had a monthly close over $11. What will todays close be? As a sidebar the all-time high was $12.90 in June of 1973. Corn seems stuck against resistance. Wheat looks to be at a crossroads nearing a top of a retracement of the recent downmove OR ready to break to new highs. I don't know what you think but it doesn't appear to be the right time for a big rally. I think it's more likely to be a time for retracement. | |
|
Crude Oil Chart
