Nov Canola

[wheatking16]

Buyers stepped in at the 0.382 Fibonacci retracement from the June low and July high.

This is also an area of previous resistance.

The Daily candlestick chart appears to be forming a parallel channel which I consider a bullish pattern.

Daily Chart



The weekly chart indicates a potential for further downside to the 767ish area of confluence with the 0.618 Fibonacci retracement and previous resistance.

Previous resistance often acts as support.

Weekly Chart




A mixed bag of nuts, however, being aware of setups on multiple timeframes is advantageous.

https://klarenbach.substack.com/

[errolanderson]

If canola is going to rally further, it may have to go it alone . . . . The U.S. soy complex is struggling.

Soymeal futures now off 20% from May highs. Soybeans and soyoil futures appear off about 10% from June highs. Overall, China buying demand has slowed . . . .

Recent equity market fallout in China and Hong Kong will have an impact on global commodity prices this fall (IMO).

[wheatking16]

If canola is going to rally further, it may have to go it alone . . . . The U.S. soy complex is struggling.

Soymeal futures now off 20% from May highs. Soybeans and soyoil futures appear off about 10% from June highs. Overall, China buying demand has slowed . . . .

Recent equity market fallout in China and Hong Kong will have an impact on global commodity prices this fall (IMO).

I agree.

My previous Soybeans post suggests that as well.

Corn is weak as well.

I can see a further 13-14% drop there as well.