LOOKING AHEAD TO FRIDAY BY REFL ECTING BACK ON THURSDAY'S ACTION
Rice in a Bull Pennant, Bullish technical signals for the Soybean Complex and Buy Signals for the Energy Futures sector too
ENERGIES: 08/07/09 Higher settlementsyesterday for crude oil and the rbob while lower for heating oil and sharply lower for natural gas but no changes technically. The crude and heatmade new recent highs while the fomer also made a new recent high close. Allof the energies are still in good uptrends overall.Naturalgas settled sharply lower after giving me a buy signal on Wednesdaybut now in a strong support area which should hold if my buy signal is any good.
GRAINS: 08/07/09 Lowercloses Thursday for soybeans, soymeal and soyoil, Minneapolis , Kansas City and Chicago wheat along with rough rice,corn and oats. All of the wheat continue to look weak overall unable to hold their support areasmaking new recent lows and closes with Chicago making its lowest low and close since June '07! Corn settled lower again now at the beginning of its last decent support area coming close to ending its buy signal but not quite. I still feel the beans with eventually pull up corn hopefully tonear the 400(Dec.) levelwhich is about as far as corn will go this year if that high. Oats closed lower again still is in a downtrend and also unable to penetratea strongresistance area(220-235 Dec.).However, oats are alsoforming a potential bottom at this juncture. Rice settled lower again butstill in a BULL PENNANT looking very strong overall.The bean complex settled lower but not affectingthe good uptrends in the beans, meal and oil.