Corn futures at the Chicago Board of Trade rallied to a nine month high in April 2016. The $.55 per bushel gain may have come as a surprise to some market participants, given USDA is forecasting global corn ending stocks to be record large in 2015-16. However, there were signs the market had stopped going […]
The Canadian dollar has been having a short covering rally for the past few months, gaining nearly .1000 relative to the U.S. dollar. However, the major trend remains down as this market continues to put in lower highs and lower lows. The Canadian dollar was at par with the U.S. dollar in February 2013. For […]
In today’s market outlook we will look at reversal patterns that show up in complimenting commodities, which are a valuable tool for recognizing market turns.
The live cattle market has been under pressure since the nearby futures market at the CME peaked at $171.975 per hundredweight in October 2014. In the 14 months that followed, prices on the weekly nearby live cattle futures chart plummeted $55.00/cwt to $116.975/cwt, before recovering $20.00 per hundredweight. Although the downturn was sudden, and may […]
In today’s market outlook we will look at reversal patterns, which are a valuable tool for recognizing market bottoms and tops. Taking a look at the first slide, this here is wheat in Minneapolis.
The price of crude oil has dropped $80.00 per barrel in the past 18 months. In July 2014, a two month reversal materialized in the accompanying long term chart indicating the crude oil market was about to turn down from $106.00 per barrel. Once prices fell below an important line of support in the $96.00 […]