On The Edge
Soybeans
Fundamentals: Chinese GDP missed expectations last night, coming in at .4% in the second quarter from a year ago. Analysts were expecting growth at 1%. Retail sales in China rose more than expected, to 3.1%. On deck is U.S. retail sales, 7:30 AM CT. This will likely have an impact on outside markets, which have recently had an impact on money-flow in commodities. Expectations are for .8% month over month.
Techncials: August soybeans continue to linger near the 200-day moving average, trading on it for 7 out of the last 9 sessions. Our pivot pocket remains intact from 1452-1461 ¼. A break and close below here could lead to a retest of last week’s lows. If the Bulls can continue to defend support, the first upside objective would be 1495-1505. With that said, our feelings on soybeans are similar to corn, where we think there could continue to be multiple short-term opportunities for market participants on both sides of the market.
Bias: Neutral
Previous Session Bias: Neutral
Resistance: 1495-1505*, 1513 ¼-1516 ½, 1530-1538*, 1552 ¾-1560
Pivot: 1452-1461 ¼
Support: 1413 ¾-1424 ¼, 1400-1403**
Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.
Fundamentals: Chinese GDP missed expectations last night, coming in at .4% in the second quarter from a year ago. Analysts were expecting growth at 1%. Retail sales in China rose more than expected, to 3.1%. On deck is U.S. retail sales, 7:30 AM CT. This will likely have an impact on outside markets, which have recently had an impact on money-flow in commodities. Expectations are for .8% month over month.
Techncials: August soybeans continue to linger near the 200-day moving average, trading on it for 7 out of the last 9 sessions. Our pivot pocket remains intact from 1452-1461 ¼. A break and close below here could lead to a retest of last week’s lows. If the Bulls can continue to defend support, the first upside objective would be 1495-1505. With that said, our feelings on soybeans are similar to corn, where we think there could continue to be multiple short-term opportunities for market participants on both sides of the market.
Bias: Neutral
Previous Session Bias: Neutral
Resistance: 1495-1505*, 1513 ¼-1516 ½, 1530-1538*, 1552 ¾-1560
Pivot: 1452-1461 ¼
Support: 1413 ¾-1424 ¼, 1400-1403**
Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.
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