INO Evening Market Comments
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Started by tallpine - April 5, 2022, 4:47 p.m.

KEY EVENTS TO WATCH FOR:



Wednesday, April 6, 2022 



7:00 AM ET. MBA Weekly Mortgage Applications Survey

                       Composite Idx (previous 425.1)

                       Composite Idx, W/W% (previous -6.8%)

                       Purchase Idx-SA (previous 267.1)

                       Purchase Idx-SA, W/W% (previous +0.6%)

                       Refinance Idx (previous 1295.1)

                       Refinance Idx, W/W% (previous -14.9%)

10:00 AM ET. March Online Help Wanted Index

10:00 AM ET. February Metropolitan Area Employment & Unemployment

10:00 AM ET. SEC Open Meeting

10:30 AM ET. EIA Weekly Petroleum Status Report

                       Crude Oil Stocks (Bbl) (previous 409.95M)

                       Crude Oil Stocks, Net Chg (Bbl) (previous -3.449M)

                       Gasoline Stocks (Bbl) (previous 238.828M)

                       Gasoline Stocks, Net Chg (Bbl) (previous +0.785M)

                       Distillate Stocks (Bbl) (previous 113.53M)

                       Distillate Stocks, Net Chg (Bbl) (previous +1.395M)

                       Refinery Usage (previous 92.1%)

                       Total Prod Supplied (Bbl/day) (previous 19.874M)

                       Total Prod Supplied, Net Chg (Bbl/day) (previous -1.25M)

 11:00 AM ET. March Global Services PMI

                       PMI, Services (previous 53.9)

2:00 PM ET. Federal Open Market Committee meeting minutes and economic forecast



Thursday, April 7, 2022 



8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims

                       Jobless Claims (expected 200K; previous 202K)

                       Jobless Claims, Net Chg (previous +14K)

                       Continuing Claims (previous 1307000)

                       Continuing Claims, Net Chg (previous -35K)

8:30 AM ET. U.S. Weekly Export Sales

                       Corn (Metric Tons) (previous 923.7K)

                       Soybeans (Metric Tons) (previous 1359.8K)

                       Wheat (Metric Tons) (previous 176.3K)

10:30 AM ET. EIA Weekly Natural Gas Storage Report

                       Working Gas In Storage (Cbf) (previous 1415B)

                       Working Gas In Storage, Net Chg (Cbf) (previous +26B)

12:00 PM ET. March Monthly U.S. Retail Chain Store Sales Index

2:00 PM ET. SEC Closed Meeting

3:00 PM ET. February Consumer Credit

                       Consumer Credit Net Chg (USD) (expected +15.3B; previous +6.8B)

4:30 PM ET. Foreign Central Bank Holdings

4:30 PM ET. Federal Discount Window Borrowings



Friday, April 8, 2022 



10:00 AM ET. February Monthly Wholesale Trade

                       Inventories, M/M% (expected +2.1%; previous +0.8%)

12:00 PM ET. World Agricultural Supply & Demand Estimates (WASDE)

                       Corn, End Stocks (Bushels)

                       Soybeans, End Stocks (Bushels)

                       Wheat, End Stocks (Bushels)

                       Cotton, End Stocks (Bales)



Monday, April 11, 2022  



N/A               G24 Committee of the Whole meeting


The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes



The Dow closed lower on Tuesday's as investors weighed hawkish remarks made by the Federal Reserve that indicated policymakers were ready to raise interest rates more aggressively to rein in inflation. Investors are also concerned over the possibility for additional sanctions on Russia by the European Union. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 34,357.69 would signal that a short-term top has been posted. If the Dow extends the rally off February's low, the 75% retracement level of the January-February decline crossing at 35,783.87 is the next upside target. First resistance is last-Tuesday's high crossing at 35,372.26. Second resistance is the 75% retracement level of the January-February decline crossing at 35,783.87. First support is the 20-day moving average crossing at 34,357.69. Second support is the March 8th low crossing at 32,578.73. 



The June NASDAQ 100 closed sharply lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off March's low, the 75% retracement level of the November-March decline crossing at 15,763.56 is the next upside target. Closes below the 20-day moving average crossing at 14,382.41 would signal that a short-term top has been posted. First resistance is the 62% retracement level of the November-March decline crossing at 15,262.64. Second resistance is the 75% retracement level of the November-March decline crossing at 15,763.56. First support is last-Friday's low crossing at 14,725.00. Second support is the 20-day moving average crossing at 14,208.58. 



The June S&P 500 closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 4438.14 would signal that a short-term top has been posted. If June extends the rally off February's low, the 87% retracement level of the January-February decline crossing at 4709.80 is the next upside target. First resistance is the 75% retracement level of the December-February decline crossing at 4624.48. Second resistance is the 87% retracement level of the January-February decline crossing at 4709.80. First support is last-Friday's low crossing at 4501.25. Second support is the 20-day moving average crossing at 4438.14. 



INTEREST RATES? http://quotes.ino.com/ex?changes/?c=interest ""



June T-bonds closed down 2-12/32's at 146-16. 



June T-bonds closed sharply lower on Tuesday as it renewed the decline off December's low. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If June renews the decline off March's high, the 87% retracement level of the 2020-2021-decline on the monthly continuation chart crossing at 143-17 is the next downside target. Closes above the 20-day moving average crossing at 150-17 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 150-17. Second resistance is the 50-day moving average crossing at 153-21. First support is today's low crossing at 146-07. Second support is the 87% retracement level of the 2020-2021 decline on the monthly continuation chart crossing at 143-17.



June T-notes closed down 1070 pts. at 120.280.



June T-notes closed sharply lower on Tuesday as it renewed the decline off December's high. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling sideways to lower prices are possible near-term. If June resumes this month's decline, the 87% retracement level of the 2018-2020-rally on the monthly continuation chart crossing at 120.147 is the next downside target. Closes above the 20-day moving average crossing at 123.151 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 123.151. Second resistance is the 50-day moving average crossing at 125.194. First support is today's low crossing at 120.255. Second support is the 87% retracement level of the 2018-2020-rally on the monthly continuation chart crossing at 120.147.  



ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""



May crude oil closed lower on Tuesday as it extends the trading range of the past five-days.The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are still possible. If May extends the decline off the March 24th high, the 50-day moving average crossing at $97.19 is the next downside target. Closes above last-Wednesday's high crossing at $108.75 would signal that a short-term low has been posted. If May renews the rally off the March 15th low, March's high crossing at $126.41 is the next upside target. First resistance is the March 24th high crossing at $116.64. Second resistance is March's high crossing at $126.41. First support is last-Friday's low crossing at $97.78. Second support is the 50-day moving average crossing at $97.19.   



May heating oil closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night trading session begins. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If May renews the rally off the March 15th low, the 75% retracement level of March's decline crossing at $3.9534 is the next upside target. If May resumes the decline off the March 24th high, the 50-day moving average crossing at $3.0696 is the next downside target. First resistance is the March 24th high crossing at 3.8570. Second resistance is the 75% retracement level of March's decline crossing at $3.9534. First support is last-Tuesday's low crossing at $3.2114. Second support is the 50-day moving average crossing at $3.0696.     



May unleaded gas closed lower on Tuesday as it extends the trading range of the past five-days. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off the March 24th high, the 50-day moving average crossing at $3.0111 is the next downside target. If May renews the rally off the March 15th low, March's high crossing at $3.8075 is the next upside target. First resistance is the March 4th high crossing at $3.4817. Second resistance is March's high crossing at 3.8075. First support is last-Tuesday's low crossing at $3.0309. Second support is the 50-day moving average crossing at $3.0111.    



May Henry natural gas closed sharply higher on Monday as it extends the rally off December's low. The mid-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off December's low, the February-2014 high on the monthly continuation chart crossing at 6.493 is the next upside target. Closes below the 20-day moving average crossing at 5.204 are needed to confirm that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is today's high crossing at 6.201. Second resistance is the February-2014 high on the monthly continuation chart crossing at 6.493. First support is the 10-day moving average crossing at 5.590. Second support is the 20-day moving average crossing at 5.204.     



CURRENCIES? http://quotes.ino.com/ex?changes/?c=currencies ""



The June Dollar closed higher on Tuesday and spiked above March's high crossing at $99.47. The high-range close sets the stage for a steady to higher opening when Wednesday's nights session begins trading. Stochastics and the RSI have turned neutral to bullish signaling sideways to higher prices are possible near-term. If June renews the rally off January's low, the 75% retracement level of the 2020-2021-decline on the monthly continuation chart crossing at $100.26 is the next upside target. Closes below the March 17th low crossing at $97.72 would mark a downside breakout of this month's trading range while opening the door for a possible test of the 50-day moving average crossing at $97.36. First resistance is March's high crossing at $99.46. Second resistance is the 75% retracement level of the 2020-2021-decline on the monthly continuation chart crossing at $100.26. First support is the March 17th low crossing at $97.72. Second support is the 50-day moving average crossing at $97.36.  



The June Euro closed lower on Tuesday as it extended the decline off last-Thursday's high. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Today's close below last-Monday's low crossing at $109.77 signaled that a short-term top has been posted. If the aforementioned decline continues, March's low crossing at $108.46 is the next downside target. Closes above the 50-day moving average crossing at $111.97 would open the door for a larger-degree rebound into early-April. First resistance is the 50-day moving average crossing at $111.97. Second resistance is February's high crossing at $114.87. First support is March's low crossing at $108.46. Second support isthe March-2020 low on the weekly continuation chart crossing at $106.71.



The June British Pound closed lower on Tuesday as it extended the trading range of the past six-days. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI have turned bearish signaling that sideways to lower prices are possible. If June renews the decline off the March 23rd high, March's low crossing at 1.2997 is the next downside target. First resistance is the 38% retracement level of the January-March decline crossing at 1.3277. Second resistance is the 50% retracement level of the January-March decline crossing at 1.3365. First support is last-Tuesday's low crossing at 1.3047. Second support is March's low crossing at 1.2997.  

 

The June Swiss Franc closed lower on Tuesday as it extended the decline off last-Thursday's high. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 1.0770 would signal that a short-term top has been posted. If June renews the rally off March's low, February's high crossing at 1.0972 is the next upside target. First resistance is last-Thursday's high crossing at 1.0908. Second resistance is February's high crossing at 1.0972. First support is the 20-day moving average crossing at 1.0770. Second support is last-Monday's low crossing at 1.0694.



The June Canadian Dollar posted a downside reversal as it closed slightly lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 79.21 would signal that a short-term top has been posted. If June extends the rally off March's low, last-October's high crossing at 81.14 is the next upside target.First resistance is today's high crossing at 80.61. Second resistance is last-October's high crossing at 81.14. First support is the 20-day moving average crossing at 79.33. Second support is the 50-day moving average crossing at 78.90.  



The June Japanese Yen closed lower on Tuesday as it consolidated some of the rally off last-Monday's low. The low-range close sets the stage for a steady to lower opening when Wednesday’s night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If March renews the decline off January's high, the June-2015 low on the monthly continuation chart crossing at 0.079450 is the next downside target. Closes above the 20-day moving average crossing at 0.083296 would signal that a short-term low has been posted. First resistance is last-Tuesday's high crossing at 0.082595. Second resistance is the 20-day moving average crossing at 0.083296. First support is last-Monday's low crossing at 0.080085. Second support is the the June-2015 low on the monthly continuation chart crossing at 0.079450.



PRECIOUS METALS? http://quotes.ino.com/ex?changes/?c=metals ""



April gold closed lower on Tuesday while extending the trading range of the past three-weeks. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI have turned neutral signaling that sideways trading is possible near-term. If April renews the rally off last-Tuesday's low, the February 24th high crossing at $1976.50 is the next upside target. Closes below last-Tuesday's low crossing at $1888.30 would open the door for a larger-degree decline near-term. First resistance is the February 24th high crossing at $1976.50. Second resistance is March's high crossing at $2078.80. First support is last-Tuesday's low crossing at $1888.30. Second support is the February 15th low crossing at $1845.40.  



May silver closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Multiple closes below the 50-day moving average crossing at 24.450 would open the door for additional weakness near-term. Closes above the 20-day moving average crossing at 25.244 would signal that a short-term low has been posted. First resistance is the March 24th high crossing at 26.160. Second resistance is March's high crossing at 27.495. First support is the 50-day moving average crossing at 24.450. Second support is the February 15th low crossing at 23.125.       



May copper closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If May resumes the rally off March's low, the 75% retracement level of March's decline crossing at 4.8967 is the next upside target. Closes below last-Monday's low crossing at 4.6420 would signal that a short-term top has been posted. First resistance is the 62% retracement level of March's decline crossing at 4.8214. Second resistance is the 75% retracement level of March's decline crossing at 4.8967. First support is last-Monday's low crossing at 4.6420. Second support is the 50-day moving average crossing at 4.5967.



GRAINS? http://quotes.ino.com/ex?changes/?c=grains "



May Corn closed up $0.09 1/4-cents at $7.59 3/4. 



May corn closed higher on Monday while extending the March-April trading range. The mid-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off Tuesday's low, March's high crossing at $7.82 3/4 is the next upside target. Closes below last-Tuesday's low crossing at $7.13 1/2 would mark a downside breakout of March's trading range while opening the door for additional weakness near-term. First resistance is March's high crossing at $7.82 3/4. Second resistance is psychological resistance crossing at $8.00. First support is the 25% retracement level of the September-March rally crossing at $7.15. Second support is the 50-day moving average crossing at $6.97 1/2.   



May wheat closed up $0.35-cents at $10.45 1/4.  



May wheat gapped up and closed higher on Tuesday as it consolidated some of the decline off March's high. The mid-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are oversold but are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $10.77 3/4 would signal that a short-term low has been posted. If May renews to decline off March's high, the 50-day moving average crossing at $9.58 1/2 is the next downside target. First resistance is the March 22nd high crossing at $11.69 1/4. Second resistance is March's high crossing at $13.63 1/2. First support is the 62% retracement level of the January-March rally crossing at $9.77 3/4. Second support is the 50-day moving average crossing at $9.58 1/2.



May Kansas City Wheat closed up $0.45-cents at $10.82 3/4.

 

May Kansas City wheat gapped up and closed above the 20-day moving average crossing at $10.80 3/4 on Tuesday as it extended the rally off last-Tuesday's low. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 20-day moving average crossing at $10.80 3/4 would signal that a short-term low has been posted. If May renews the aforementioned decline, the 50-day moving average crossing at $9.69 is the next downside target. First resistance is the March 15th high crossing at $11.64 1/2. Second resistance is March's high crossing at $12.99 1/2. First support is the 50% retracement level of the January-March rallycrossing at $10.23. Second support is the 62% retracement level of the January-March rally crossing at $9.57 3/4.



May Minneapolis wheat closed up $0.26 3/4-cents at $11.11 3/4.



May Minneapolis wheat closed higher on Tuesday while extending the trading range of the past three-weeks. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are is possible near-term. If May renews the rally off last-Tuesday's low, March's high crossing at $12.11 3/4 is the next upside target. Closes below the last-Tuesday's low crossing at $10.19 1/2 would mark a resumption of the decline off March's high. First resistance is the March 22nd high crossing at $11.23. Second resistance is March's high crossing at $12.11 3/4. First support is last-Tuesday's low crossing at $10.19 1/2. Second support is the 50-day moving average crossing at $10.18 1/2. 

       

SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "



May soybeans closed up $0.28 3/4-cents at $16.31.



May soybeans closed higher on Tuesday as it consolidated some of last-week's decline. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends the decline off February's high, the 38% retracement level of the November-February rally crossing at $15.46 3/4. Closes above the 20-day moving average crossing at $16.63 1/2 would signal that a short-term low has been posted. First resistance March's high crossing at $17.36 1/2. Second resistance is February's high crossing at $17.59 1/4. First support is Monday's low crossing at $15.76 3/4. Second support is the 38% retracement level of the November-February rally crossing at $15.46 3/4.  



May soybean meal closed up $10.80 at $465.90. 



May soybean meal closed higher on Tuesday as it consolidated some of the decline off March's high. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are oversold but are poised to turn neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at $475.30 would signal that a short-term low has been posted. If May extends the decline off March's high, the February 16th low crossing at $435.80 is the next downside target. First resistance is March's high crossing at $494.70. Second resistance is psychological resistance crossing at $500.00. First support is last-Friday's low crossing at $448.10. Second support is the February 16th low crossing at $435.80. 



May soybean oil closed up 07 pts. at 72.41. 



May soybean oil closed higher on Tuesday as it extended the rally off last-Friday's low. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 73.42 would signal that a short-term low has been posted. If May extends the decline off March's high, the 38% retracement level of the December-March rally crossing at 68.10 is the next downside target. First resistance is the March 24th high crossing at 76.63. Second resistance is March's high crossing at 78.58. First support is last-Friday's low crossing at 68.84. Second support is the 38% retracement level of the December-March rally crossing at 68.10. 

 

LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock 



April hogs closed down $1.78 at $97.67. 



April hogs closed lower for the sixth-day in a row on Tuesday as it extended the decline off last-Monday's high. The low-range close sets the stage for a lower opening when Wednesday's session begins trading. Stochastics and the RSI are oversold but remain bearish signaling that sideways to lower prices are possible near-term. If April extends the decline off last-Monday's high, the February  28th low crossing at $93.62 is the next downside target. Closes above the 10-day moving average crossing at $103.12 would temper the near-term bearish outlook. First resistance is the 10-day moving average crossing at $103.12. Second resistance is last-Monday's high crossing at $108.45. First support is the February 28th low crossing at $93.62. Second support is the 62% retracement level of the October-February rally crossing at $91.39.  



April cattle closed down $1.20 at $136.80 



April cattle closed lower on Tuesday as it extended the decline off last-Tuesday's high. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If April extends the decline off last-Tuesday's high, the March 10th low crossing at $135.82 is the next downside target. Closes above last-Tuesday's high crossing at $141.13 would confirm that a short-term low has been posted. First resistance is last-Tuesday's high crossing at $141.13. Second resistance is the 50-day moving average crossing at $141.93. First support is the March 10th low crossing at $135.82. Second support is March's low crossing at $133.50.  



April Feeder cattle closed down $2.25 at $156.12. 



April Feeder cattle gapped down and closed sharply lower on Tuesday as it extended the decline off the March 29th high, The low-range close sets the stage for a steady to lower opening when Wednesday's session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If April extends the decline off last-Tuesday's high, March's low crossing at $154.27 is the next downside target. Closes above the March 29th high crossing at $165.00 would confirm that a short-term low has been posted. First resistance is the March 29th high crossing at $165.00. Second resistance is the February 24th gap crossing at $167.72. First support is March's low crossing at $154.27. Second support is the 87% retracement level of the 2021-2022 rally crossing at $152.09.   



FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food 



May coffee closed higher on Tuesday as it extended the rally off March's low. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off March's low, the 50-day moving average crossing at 23.35 is the next upside target. Closes below the 20-day moving average crossing at 22.23 would signal that a short-term top has been posted.             



May cocoa closed lower on Tuesday as it extended the decline off last-Thursday's high. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. Today's close below last-Friday's low crossing at 25.36 signals that a short-term top has been posted. If May renews the rally off March's low, March's high crossing at 27.10 is the next upside target.       



May sugar closed higher on Tuesday. The mid-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off February's low, March's high crossing at 19.89 is the next upside target. Closes below last-Tuesday's low crossing at 18.84 would open the door for a possible test of the 50-day moving average crossing at 18.52.              



May cotton closed lower on Tuesday as it appears to be forming a small bull flag. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 128.98 would confirm that a top has been posted. If May extends the rally off March's low, the 62% retracement level of the 2011-2020-decline on the monthly continuation chart crossing at 154.43 is the next upside target. 

Comments
By metmike - April 5, 2022, 5:44 p.m.
Like Reply

Thanks tallpine!

Wheat conditions were extremely bullish!

https://www.marketforum.com/forum/topic/83003/