Agricultural Commodities Sector Review: Showing Strength

The commodities sector has seen some real interesting price action of late. While Crude Oil and Precious Metals have been under pressure, the Agricultural Commodities have been holding up pretty well. I took a look at the agricultural commodities a couple weeks ago here. At the time, I was looking for some long term lows to come into play and all were subsequently hit. Some of the price levels were taken out

November Soybeans Go Vertical: In Need Of Consolidation

November Soybeans are enjoying a nice multi-week rally. Similar to other Ag commodities, this rally comes on the heels of several months of pain. To be sure, this latest rally doesn’t mean that the bottom is necessarily “in” for select commodities, but it does breathe new life into the sector for 2014. Looking at a daily chart of November Soybeans, two things stick out to me: 1) The sling shot rally

December Corn Prices Rallying Into Technical Resistance

In mid-January, I wrote a post about Corn prices nearing important technical support. As with all my chartology posts, I try to cover levels that mean something. At the time, Corn prices were beaten down but nearing the .618 Fibonacci retracement level of the entire bull market run from 2000 to 2012. That’s pretty important. Although this doesn’t guarantee a long-lasting rally, it does tend to offer good risk/reward.  In

Corn Prices Battered, Nearing .618 Fibonacci Support

About 17 months ago, I wrote a post about a possible top in Corn prices. The analyses was based on a Demark weekly sell set up (technical exhaustion indicator). But, let’s be honest, some of that was based on feel. Although many thought corn prices were destined to go higher, there was “herd” mentality forming that was worthy of caution. Fast forward to today and corn prices are cut in

Soybean Futures Chart Analysis – March

By Andrew Nyquist After a dizzying run higher from December 2011 to September 2012, Soybean futures retraced roughly 50 percent of those gains to 13.50. It is also noteworthy that the 50 percent Fibonacci retracement area coincides with strong lateral support in the Soybean futures chart analysis below. The initial pullback to 13.50 brought about a bounce to the 38.2 Fibonacci level at 15.00. The second bounce is still to be

March Corn Flag Pattern Looks Bullish

By Andrew Nyquist After peaking last summer, Corn prices began winding their way lower in what now looks like a large flag pattern. The retracement thus far has equated to roughly 50 percent of the previous run higher. But now prices are rising. So, is the March Corn flag formation bullish? Corn prices recently found support near the 50 percent Fibonacci retracement level, 200 day moving average, and the lower trend support. The

Long Term Trend Analysis of Key Agriculture Commodities

By Andrew Nyquist Most conversations around the global economy and fiscal outlook revolve around two key subjects: money printing vs austerity and higher taxes/more spending vs lower taxes/less spending. Both are hot buttons and equally important to global growth. The consequences of getting policies right/wrong fuels sub-arguments surrounding inflation vs deflation and global growth slowing vs rising population. But the important end-game to each of these arguments leads to, in my

Chartology: Corn Prices Hit 7.40 Fib Target

While corn prices were spiking higher, we were busy covering the price movements and providing technical updates. As you can see from the chart below (and prior updates), Corn prices spiked into a weekly DeMark sell setup 9, leading to a reaction lower that saw follow through. In my last update, I focused on the 7.40 fibonacci retracement level as a magnet to watch, and possible level for prices to

Chartology: Corn Spot Prices Eyeing Fibonacci Supports

Weeks ago, as Corn prices were racing higher, I started to look at the daily and weekly charts to see if Corn prices may be nearing a short or intermediate term top. Lo and behold, Corn topped out during weekly bar 8 of a perfected DeMark sell setup (see previous Corn Chartology). Since recording a weekly sell setup, Corn prices have remained weak, following through lower to the .236 fibonacci retracement

Chartology: Corn Technical Update

After an amazing run higher, Corn spot prices have begun to pullback/consolidate (see previous Corn Chartology). But what happens over the next week will be important. Why? Because Corn is two weeks into a weekly DeMark sell setup with a reaction period up to 4 bars (weeks). Well, we received the reaction lower over the past week, so follow through will be key for the bears. However, without follow through,