update on Ags ($CORN, $DBA) – Back to where we started

Dba1h2DbaCorn

 

Back to where we started a few days ago.

Both show a similar structure: they have retraced pretty all of the previous week advanced and are both quite oversold in the short term.

CORN: found support in the $44-$44.20 area, which happens to be confluence of both 20 and 50 EMA, AND trendline support (previously resistance) – Friday´s advance was on dismal volume.

DBA: Retracement “To the tick” back to 1st and 2nd Resiatance areas – found support on the 50% fib retracement levele on the 60 min. chart, which remains somewhat constructive. MId-term, I´m leaning to the upside, however, headlines coming from the debt ceiling negotiations will be the main event affecting the market and how news gets digested will be paramount to the move.

Futures have opened almost 1% in the red.

 

 

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