Grain Futures Hit New Highs in Overnight Trading

Tags: Market News
25 Feb 1:23pm
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GOLD

Gold is modestly lower in early dealings today. For April gold, shorter-term technical resistance is seen at the overnight high of $942.50 and then at the $945.00. Buy stops likely reside just above those levels. Sell stops likely reside just below support at the overnight low of $928.90 and then just below support at $925.00. Today's key near-term Fibonacci support/resistance level: $932.00. Wyckoff's Intra-Day Market Rating: 5.0

CURRENCIES

The June U.S. dollar index is solidly lower in early trading today. Bears still have the near-term technical advantage. Slow stochastics for the dollar index are bearish early today. The dollar index finds shorter-term technical resistance at 75.75 and then at Monday's high of 75.85. Shorter-term support is seen at 75.50 and then at the February low of 75.25. Today's key near-term Fibonacci support/resistance level: 76.06. Wyckoff's Intra Day Market Rating: 3.0

The June Euro is higher in early electronic trading, and hit a fresh four-week high overnight. Euro finds sell stop orders are likely located just below technical support at 1.4800 and then more stops just below support at 1.4750. Shorter-term technical resistance for the Euro is seen at the overnight high of 1.47832 and then at the February high of 1.4865. Buy stops likely reside just above those levels. Slow stochastics for the Euro are neutral early today. Today's key near-term Fibonacci support/resistance level: 1.4711 Wyckoff's Intra Day Market Rating: 7.0

CRUDE OIL

Crude oil prices are near steady early today. In April crude, look for buy stops to reside just above resistance at the overnight high of $99.45 and then just above resistance at $100.00. Look for sell stops just below technical support at the overnight low of $98.59, and then more sell stops just below support at $98.00. Today's key near-term Fibonacci support/resistance level: $96.91. Wyckoff's Intra-Day Market Rating: 5.5

GRAINS

Prices were mixed in overnight trading. Corn and soybeans were sharply lower and wheat was sharply higher. New all-time highs were hit in wheat overnight. This recent higher volatility is symptomatic of very mature bull markets, but there are still, as of yet, no real strong clues of market tops being in place.

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About

JimWyckoff

Jim Wyckoff has been involved with the stock, financial and futures markets for more than 20 years. He was born and raised in Iowa, where he still resides. Wyckoff became a financial journalist with Futures World News for many years, cutting his teeth as a reporter on the futures trading floors in Chicago and New York, where he covered every futures market traded in the United States at one time or another. Not long after he began his career in financial journalism, he began studying technical analysis. By studying chart patterns and other technical indicators, he realized this approach to analyzing and trading markets could level the playing field between “professional insiders” in the markets and individual traders. His extensive studies of technical analysis and knowledge of markets led to several positions, including chief technical analyst at several well-known companies. He says his mission is not just to generate profits for traders but to also provide them with educational and insightful information because, in the fascinating business of trading, one never stops learning. Wyckoff received a Bachelor of Science degree at Iowa State University, graduating in 1984 with a major in journalism and a minor in economics. He and his wife have two children, a son in high school and a daughter in college. When he’s not analyzing markets and educating traders, Wyckoff says he loves adventures, from driving a Jeep across the highest mountain pass in the continental United States to extreme winter camping in the Boundary Waters to hiking in the jungles of South America.