March Corn

After the close on 12/18/09: My resistance  was 404 1/4, .03 from the actual high, and my pivot acted as support and was 3.90 1/4, just .00 3/4 from the actual low.

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Hedging Corn and Soybeans

RSS By: Howard Tyllas, AgWeb.com

Howard Tyllas is currently a member of the Chicago Board of Trade and registered with the Commodity Futures Trading Commission as a floor broker and as a Commodity Trading Advisor.

March Corn Daily Numbers & Trade Ideas for 12/18/09

Dec 18, 2009

 

This report was sent to subscribers on 12/17/09 6:00 p.m. Chicago time to be used for trading on 12/1/09. Everything is done by Howard Tyllas, no program or black box.

March Corn

After the close on 12/18/09: My resistance  was 404 1/4, .03 from the actual high, and my pivot acted as support and was 3.90 1/4, just .00 3/4 from the actual low.

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4.10 1/4 FG

4.04 1/4                          

--------------3.97 1/4      Pivot & 200 day MA

3.90 1/4

3.79                                Key Support

 

Trend     

5 day chart....….….  Up                                                            

Daily chart   ……….Sideways          

Weekly chart …….. Down     

Monthly chart …Down $3.97 1/4  is the 200 day ma

ATR 12 1/4               Balanced 51%




I said "Green uptrend line is pivotal now, red bracket line is resistance. I also said "$3.97 the 200 day is in play now" and proved to be good support".

Market closed on the 200 day and awaits further direction. Firm tone on chart still.

March Corn for 12/18/09

 I have always said, "I do not care what the reason the market gets to a location on my chart that presents a trade opportunity".

In my daily numbers on Thursday my pivot acted as resistance and was $.02 3/4 from the actual high; my support was $.03 from the actual low.

Grains: Accurate corn numbers. Soybean resistance helpful but not support numbers. General selling in commodities helped by the stronger rebounding $ was a good excuse for grains to correct from their resistance levels. The dollar rallied 5% from their November lows, and just cannot be ignored.

Soybeans came very close to my prediction before the beginning of the month and on 12/2/09 when I said "Soybeans $10.80 is going to be a hard wall to breakdown, then the bulls are facing the high in the summer when the perception that the crop was floating away and posted $11.05. As long as $10.12 holds I think we will be range bound $11.05 to $10.12. Corn has looked weak lately, and the thoughts I have had about this market are surprising to see this market at this level at this time".

I am not bearish at this level but I am a willing seller of grains at resistance levels for a day trade. When near $10.60 I am more willing to take it overnight. I really think this is a trading affair into year end and trading in a $.60 range bound trade in soybeans, and $.20 in corn, but in time with a stronger dollar I think we will further erode to lower support levels.

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           May Your Next Trade Be The Best                          

                     Howard Tyllas            

  

Disclaimer:     No guarantee of any kind is implied or possible where projections of future conditions are attempted. Futures trading involve risk. In no event should the content of this be construed as an express or implied promise, guarantee or implication by or from Howard Tyllas, that you will profit or that losses can or will be limited in any manner whatsoever. No such promises, guarantees or implications are given. Past results are no indication of future performance.

 

 

 

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