SigmaOptionWriters
DailyGraph
Friday’s session saw a sharp selloff for the DEC15WMAZ contract as it slipped and closed R70 lower, after touching limits. Selling pressure comes on the back of lower Chicago prices, long stops and technical levels broken. Below is a chart showing the near completed head and shoulders formation. Some technical theory suggest that the price could continue lower. Others suggest a short break below R3100 with a possibility pull back to retest the resistance level. Chicago prices has since thrown a spanner in the works for a possible move lower as corn trades higher, since our session close on Friday, in anticipation of lower bu/acre figure in Wednesday August WASDE report
DailyGraph
Friday’s session saw a sharp selloff for the DEC15WMAZ contract as it slipped and closed R70 lower, after touching limits. Selling pressure comes on the back of lower Chicago prices, long stops and technical levels broken. Below is a chart showing the near completed head and shoulders formation. Some technical theory suggest that the price could continue lower. Others suggest a short break below R3100 with a possibility pull back to retest the resistance level. Chicago prices has since thrown a spanner in the works for a possible move lower as corn trades higher, since our session close on Friday, in anticipation of lower bu/acre figure in Wednesday August WASDE report