March Wheat - Steady to 0.50 Higher
March Corn - Steady to Mixed
March Soymeal - Steady
March Beans - 1.25 Lower
February Crude Oil marked it's high 18 cents above the 74.35 resistance level, after rallying almost a buck fifty from the overnight lows.
support - 73.75 - light, 73.10
resistance - 74.60-75.00, 76.30
March Soybeans most likely completed the C corrective leg last night and today, while marking the low 2.50 cents below the 988.00 support price. Afterwards, beans rallied about 12.50 cents low to high. Still looking for new highs.
support - 991.25, 986.00
resistance - 1010.00, 1016.00, 1044.00
Here's a look at the correction on the 30 min bean chart: an ABC flat as opposed to a contracting triangle.
March Soymeal marked it's low 2.40 below the 302.50 support price, after selling off about 7 bucks high to low. Today's selling also completed the task of filling last week's gap up, meaning no breakaway gap. This doesn't indicate the rally is over, just that the buying interest is not as hot as previously indicated by the gap.
support - 302.00, 300.00
resistance - 314.50, 322.00
March Corn marked it's low at the stated support at 453.00, then rallied about 5.50 cents to the high.
support - 456.00, 453.00
resistance - 461.00, 475.00
March SRW Wheat marked it's low 1 tick above the 535.00 support point, then rallied about 9 cents low to high.
support - 538.00, 535.00
resistance - 555.00, 570.00
March HRW Wheat marked it's low 1.00 cent below the 550.25 lower support bracket, then rallied about a dime from low to high.
support - 542.50, 548.00
resistance - 564.00, 572.00
March Spring Wheat traded above support and finished up 2.50 on the day.
support - 589.25-588.00, 582.50
resistance - 601.50, 612.00
March S&P was a little weaker than expected and was off 65 bucks late in the afternoon, failing to reach resistance and crashing through support by 45 bucks.
support - 5855
resistance - 6075
Trading Terms - Pyramiding and Averaging down are not the same. Here's an AI overview from Google:
AI Overview:
Pyramiding is a trading strategy that involves increasing your position in an asset as its price moves favorably. The goal is to build a larger position over time, taking advantage of a rising asset while protecting profits.
Here are some characteristics of pyramiding:
Incremental
Pyramiding is usually an incremental investment, where you gradually increase the size of your holdings.
Risk
While pyramiding can be effective in bullish markets, it also increases the risk of losses if the trend reverses.
Different from averaging down
Pyramiding is different from averaging down, which is when you add to a losing position at a lower price. Pyramiding is about adding to a winning position to take advantage of its strength.
Rules
Pyramiding is based on rules that have traders start with a small position and identify a stop price. If the position performs well, more size is added to it.
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