Marginally higher but lacking a clear-cut direction, Oats is trading at $395.5 per bushel after ranging between $393 and $395.75 today.
- United States Existing Home Sales (Oct) is next today at 15:00 UTC.
- Today's gains are adding to CME Oats's a 6 day bullish trend, during which it gained a total of $14.5.
Earlier data releases related to the CME Oats future – United States Philadelphia Fed Manufacturing Index (Nov) released yesterday at 13:30 UTC with a figure of -19.4, while the previous figure was -8.7. Highly important Initial Jobless Claims data from United States beat analyst expectations of 225,000 with a reading of 222,000.
Technical analysis of CME Oats before data is released:
Oats could be slowing down soon as it approaches resistance at $397.92. Of course, crossing it might suggest further gains are ahead. Bollinger Band® analysis indicates that current price action is approaching the upper band at $410.89, thereby suggesting that the CME Oats future is becoming overvalued.
After posting consistent gains as part of its uptrend and being lifted by intraday sentiment, technical factors suggest the CME Oats future is set for a reversal in the coming days.
Coming up for CME Oats — United States Existing Home Sales (Oct) is scheduled for today at 15:00 UTC.
As the markets get ready for more data to be released — Soybeans moves up 0.56% to trade around $1,425. Corn gained 0.56% and is now trading at $672.75. Rough Rice is up 0.25%.
Approximately 7 months ago, CME Oats reached a significant high of $783.5 but has struggled to hold onto its gains and declined 49.87% since then.