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Strategies & Market Trends : Grain Futures Trading

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To: wiley murray who wrote (117)	11/13/1998 8:35:00 AM
From: MJR	Read Replies (1) of 645

I spent a few minutes looking at the charts this a.m.. here's my interpretations.. Please take it only as one person's opinion and in no way trading advice. If you're interested, I'll try to post a similar commentary each morning by 9am Central Time for open discussion, as well as to get a "2nd opinion" from the experts out there. Mike CORN: Corn is in a trading range between about 217 and 231. Look for a drop into Monday followed by a short technical uptrend next week, but only to the 228-230 region. Then more settleing into the end of the week. Not a lot of real trading opportunity here unless some bullish news gets released - then we could see the low/mid 230s. For now I would not take any positions beyond small speculative ones. SOYBEANS: Looking at Jan Beans - Charts look rather overbought at the moment and I would not be surprised to see a pullback to the 574-575 region in the early part of next week. Daily chart is definately higher, but gains may be slow from a technical basis until bullish news is released. Have a great day today! Mike

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