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Expiries for Mar08 NY cut 1000ET (Source DTCC)

CORN TECHS

(K1) Still Below The Feb Highs

SOY TECHS

(K1) Bullish Conditions Remain Intact

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  • RES 4: 178.27 High Jan 5
  • RES 3: 177.96 High Jan 14
  • RES 2: 177.81 High Jan 18
  • RES 1: 177.56 High Jan 21
  • PRICE: 177.17 @ 04:45 GMT Jan 25
  • SUP 1: 176.63 Low Jan 22
  • SUP 2: 176.34 Low Jan 12 and the bear trigger
  • SUP 3: 175.93 1.00 proj of the Jan 41 - 12 sell-off from Jan 14 high
  • SUP 4: 175.84 Low Nov 11 and a primary support

Bund futures found support Friday however last week's move lower still suggests scope for a move lower near-term. The sell-off Jan 21 cleared 176.96, 61.8% of the rally between Jan 12 - 14 and undermines the recent bullish theme. Scope is seen for a test of support at 176.34, Jan 12 low and a bear trigger. Moving average studies are in a bear mode too reinforcing the downside risk. On the upside, resistance is at 177.56, Jan 21 high.