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Starbuck Manitoba Canada | The November beans had a tweezer bottom on January 29,30. Both days had the exact same low of $1088.1/4. And we reversed and signalled a bottom. We have the potential of a bull flag on the November beans as well which would project the run to $13.00. The $13.00 level in the November contract is also a previous level of resistance and a natural area to target and expect resistance.
December corn had a key reversal on the January 10 report day. We also had weekly and monthly reversals on this day as well. We have also reacted strongly upward off the major monthly and weekly trend line support.
I believe the lows are in for now, probably a few years. I still think we could and will see new highs. The next time we challenge the long term trend line on all grains it most likely will not hold though.
I have said a few weeks ago that we may set back for a while but I may have to revisit that stand as many, many traders globally would love to be long the grains and are waiting for a setback to jump in. This tends to support and not make it happen. As Sat has alluded to recently, "the dips are now meant to be bought".
JMHO
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Ethanol Charts posted for Pitt
