All the grains had major corrections today with September Corn being down 20 cents which is a $1,000 move. September Soybeans was down 26.6 cents, December Oats was down 16.2 cents. Of course, I have been waiting for a correction or a pullback in the either December Oats, September Corn, or September Soybeans to find a place where I could enter any of these markets. I may be able to do that assuming that these markets find support tommorrow. For example, if December Oats can hold its decline at support at 278, then I could go long at 282. My immediate profit target would be the December contract high at 295, which would yield a profit of about $650. One thing to keep in mind about Oats is that there is major resistance on both the weekly and monthly charts at 300, so this will be a formidable barrier for prices to rise above.
For a look at all my prospective trades, please go to www.mylearn2trade.com.
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