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central ontario | The bean oil is an interesting weekly chart , my first reaction is too label this neckline as resistance,then I would label this as topping action,then it must hold the 34.10 area to stay in a positive camp,I would be more inclined to sell a test of neckline,comments welcome.
This chart can be pasted over a weekly corn and the neckline res. Would be 4.49 on corn this past summer on corn.
Looking back the lead indicator for the corn market would have been the Dec 2017 corn futures topped out about 10 days prior to the Dec 2016 corn futures thus trumping any sentiment at the June 17 top.
These values traded at this level because production seemed maybe okay.THE MARKET HAD IT FIGURED OUT. | |
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Pitt bean oil? And the June 17 HIGH FOR CORN
