A 7 day downtrend has resulted in the asset losing $40.75. Today is looking a bit better: without a clear-cut direction, the Oats future is trading around $357.5 per bushel and ranging between $355.75 and $361.
United States ISM Non-Manufacturing PMI (Nov) is next today at 15:00 UTC.
Visual analysis of Oats's chart shows that Oats is approaching key support, around $2.5 away from $355. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls. Trend-following investors would be interested to note that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Analysis based on the asset volatility indicates that the Oats future's upper Bollinger Band® is at $409.44 and the lower is $364.71.
With market volatility ebbing, the current technical outlook indicates CME Oats will remain range-bound for the immediate future.
Meanwhile, mixed performances are seen in other Grains as Soybeans climbs 0.45% to trade around $1,453. Corn trades around $647.25, with no major change.
Data to be released later is expected to clarify investor sentiment while boosting price action volatility as United States ISM Non-Manufacturing PMI (Nov) scheduled to come out today at 15:00 UTC. United States EIA Short-Term Energy Outlook is expected tomorrow at 17:00 UTC.
Trading mostly sideways for a month. Approximately 7 months ago, the Oats future reached a significant high of $783.5 but has struggled to hold onto its gains and declined 54.34% since then.