Grains continue to trade in Trend….soybeans is a long on breakout of 58.69 with “volume” …breakdown down soybeans corn wheat cotton sugar..
phil, whats your view on cotton after the move it made today? it just about hit the upper channel and then immediately sold off for the entire open session, whats the lower channel or support at this point? is it still bullish in your mind? i say that cause it had a similar move like this on 1/13 and if you shorted too earlier you would had gotten whipsawed as it reversed the next day and eventually broke to new highs. what would you consider as a failure long and a countertrend short
Just did a update was waiting for the open….the question about the move on 1/13..their where many different aspects about that move 1st cotton was oversold & sitting on lower trend 2nd it had major support not only form lower trend but form the 31ema 3rd it was still in a sideways base form 12/30/10 with the basing have strength from the 31 & 50ema today was a counter trend short,not able to short with the BAL ETF you can buy puts or short scalp it with futures…this is my *opinion *I never hold good size futures short overnight with futures
Is it still bullish…. it is a manner of perspective… Yes the trend is bullish “but” it failed at trend and buying dried up this morning not good for the trend… if heavy volume comes in tomorrow and cuts through the ema support a another not good. We need to hold 13ema and move back above yellow trendline. for the trend two stay bullish Friday and Sunday very important for the overall trend
be safe tomorrow 🙂 thanks Phil
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