Technical Analysis Oct 24, 2011

Wheat Last week, the wheat price is relative stable with a small extent rise. The market seems have already ended its decrease cycle. The bottom of the price which is about 600 has already been established and has been tested twice. Because the fast moving average is above the slow moving average, the market is bullish. The RSI is 48.89, which is pretty neutralize and does not make any sense.

Soybeans Soybean last week saw no significant trend upwards or downwards for the entire week. The fast moving average is below the slow moving average thus we are in bearish territory. This could trend down because the price is below the moving average. Volume has in increased in the past week therefore increasing volatility. RSI 43.53 this week is neutral not oversold nor overbought. The market low 1153.00 occurred earlier in October and since Soybeans have been trading in the 1225-1250 range.

Corn Last week, the price of corn fluctuated day to day according to the closing prices. However, according to simple moving average and MACD, the fast moving averages across slow moving average from below from Oct 11 and never across the slow moving average again. It means the the fast moving average keeps stay in the above of the slow moving average, so the market for corn is bullish. The RSI is 51.01, which is the middle of the RSI, that means the market is neither oversold or overbought at this moment.