Canola Prices Knocking on Resistance

[charliep]

I recognize there are lots with no crop. For those that have crop, I note today's market.

An expression from a friend about market rallies/changes: Markets are like buses. If miss a bus, there is likely to be another one shortly. My caveat is to know when the last bus comes. If you have been out for a night of fun and you miss the last bus, things can become interesting.

[farming101]

Charlie, would you say 540 November is resistance?
If Nov settles above that today, we may have the start of a new price range.

[charliep]

Pretty hard to say on one day. I would actually like to see the market stay in the trading range for a while to allow commercials/actual buyer side to get covered before the market put on a potential leg higher.

Would actually expect a lower close today as everyone in the crop and for that matter commodity markets take a break/even positions over the weekend. Too many things in play these that involve unknown outcomes. Start fresh on Monday morning.

[charliep]

$540 seems resistance on the November. Weekly are no help - haven't been here for a while. Monthly charts are no help either with my thoughts pushing more towards $570.

Interesting markets. Definitely don't have all the answers on canola although the supporting markets (soybeans/products) cause me sober second thought. A very big rally based on acres/excess moisture. That to me says at least some in very good shape.

[charliep]

Interesting the markets closed higher except for wheat. Monday will be a very interesting week starting with the USDA crop progress report and then WASDE.