After a USDA report Thursday came out indicating lower levels of exportation for soy and corn, grains prices suffered. Additionally, crops from Brazil are expected to be abundant due to lots of rain. Further, the rising strength of the dollar has had a further negative impact.
On the technical end, we see a bearish ABCD pattern as well as decreased buying pressure by way of the OBV. The MACD and RSI indicate this is a great time to consider entering a trade.
For a stop loss, consider the strong level formed from 8/10, 10/06, 10/07, as well as the past two days. As far as profit targets, we note the relative vacuum area between the current price and any resistance from the Ichimoku cloud or relevant levels. A fibonacci retracement indicates some intermediate profit targets at 514'4 and 503'2.
On the technical end, we see a bearish ABCD pattern as well as decreased buying pressure by way of the OBV. The MACD and RSI indicate this is a great time to consider entering a trade.
For a stop loss, consider the strong level formed from 8/10, 10/06, 10/07, as well as the past two days. As far as profit targets, we note the relative vacuum area between the current price and any resistance from the Ichimoku cloud or relevant levels. A fibonacci retracement indicates some intermediate profit targets at 514'4 and 503'2.
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