April 15, 2017
July sugar futures a selling opportunity on more price weakness. See on the daily bar chart for July sugar futures that prices are in a solid downtrend and on Thursday scored a bearish “outside day” down and closed at a bearish weekly low close. The bears are in firm near-term technical command and there are no early chart clues to suggest that a market bottom is close at hand. A move below chart support at 16.50 cents would become a selling opportunity. The downside price objective would be 15.00 cents, or below. Technical resistance, for which to place a protective buy stop just above, is located at 17.25 cents.
June U.S. Treasury note futures a buying opportunity on more price strength. See on the daily bar chart for June U.S. T-Note futures that prices are in an uptrend and on Friday hit a five-month high and closed at a bullish weekly high close. The bulls have upside momentum. Rising geopolitical tensions in the world will also continue to support the safe-haven U.S. Treasuries. A move above chart resistance at this week’s high of 126.08.0 would become a buying opportunity. The upside price objective would be 128.00.0 or above. Technical support, for which to place a protective sell stop just below, is located at 125.11.0.
July corn futures a buying opportunity on more price strength. See on the daily bar chart for July corn futures that prices have made a good rebound recently and on Friday hit a five-week high and closed at a bullish weekly high close. The bulls have gained upside technical momentum. A move above chart resistance at this week’s high of $3.79 1/2 would become a buying opportunity. The upside price objective would be $4.10, or above. Technical support, for which to place a protective sell stop just below, is located at $3.65 1/4. Remember that the mini grain futures contracts are a liquid and viable way to trade the grain markets.
