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Northwest Iowa | I looked at the charts yesterday and I like the look of the corn for a bottom. Might--- need a drop for trade cleanup prior to the weekend. Beans might have a new low before turning higher. The daily chart would tolerate a new low but the hourly looks darn good. That shows a fair Head and Shoulders bottom. Lots of times all us technicians are looking for is to improve the odds of a good trade. Long weekends, traders want a clean trade account so they don't think or worry about it. Grains have a 40 week cycle (low to low) which likely has been set. According to Jake Bernstein, supposedly the cycle guru, there could be as much as a 10% leeway on either side of those expected cycle lows. With that, while there are cycles, they aren't dependable enough to trade. | |
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