Grains

(ZSX24) (ZCZ24) (ZWZ24) 
The current rallies are showing signs of life in Soybeans, Corn and Wheat, however they have all run into key retracements above. In Soybeans it is a 23.6% retracement, in Corn it is a combination of 23.65 and 38.2% and in Wheat it is 38.2%. We will be watching the 38.2% levels on any setback to see if the trends will continue.

Livestock

(LEZ24) (HEZ24) 
Live Cattle and Lean Hogs are up against 78.6% retracement that can send these markets on a good setback per the ONE44 78.6% rule, but as always we will watch all the retracements on every move to see just how weak, or strong the market is regardless of the longer term targets.

We just did another Video (43 in total) on how to use the Fibonacci retracements with the ONE44 rules and guidelines,

You can find it here.

This is our analysis for November Soybeans

From last week,

The low since this update is 1001.25 holding 38.2% at 1002.00 was a very good sign and a 50 cent rally followed hitting the tightest resistance at 1055.00, this 23.6% back to the contract high. It is currently trading above it, getting right back below it can send it back to a new low, or a good test of it. We will watch 38.2% on any setback to see if the market truly has a trend.

Use 1055.00 as the swing point for the week.

It traded at 1055.00 all week. It was unable to get a couple solid closes above it and there was no follow through on the downside. A setback from 1055.00 can still send this market to a new low, or a good test of it, so we will be watching the 78.6% level as a target. The 38.2% level below will be key to the rally continuing, just as it was at 1002.00.

Use 1055.00 as the swing point for the week again.

Above it, the short term target is 1116.00, this is 38.2% back to the contract high and the long term swing point, taking it out turns the trend positive. The long term target is…

Below it, below 1055.00 can send this market back to a new low. The short term target area is the 984.00 major Gann square and 78.6% back to the low at 981.00, this also brings it back into the long term 78.6% level at 978.00.  Holding 38.2% on any setback at 1027.00 would be a very positive sign and new highs can quickly follow.

ONE44 Analytics where the analysis is concise and to the point

Our goal is to not only give you actionable information, but to help you understand why we think this is happening based on pure price analysis with Fibonacci retracements, that we believe are the underlying structure of all markets and Gann squares.

If you like this type of analysis and trade the Grain/Livestock futures you can become a Premium Member.

You can also follow us on YouTube for more examples of how to use the Fibonacci retracements with the ONE44 rules and guidelines.

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