Yesterday at a glance: down on the day: the Oats future closed at $406.75 per bushel after ranging between $406.5 and $413.

Amid the market gloom, United States CFTC Nasdaq 100 speculative net positions released yesterday at 20:30 UTC with a figure of 15,700, while the previous figure was 8,800. United States CFTC S&P 500 speculative net positions came out at -331,400. United States CFTC Crude Oil speculative net positions came out at 155,100.

Yesterday's price action generated a Japanese candlestick pattern showing a Bearish Harami chart pattern, which is a means of predicting reversals in bull markets. When a Bearish Harami is detected at the top of a prevailing uptrend, it is typically considered a bearish signal and a prelude to a potential trend reversal. Trend-following investors would be interested to note that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Momentum evaluation shows that according to technical analysis of the CME Oats future's Relative Strength Index (RSI), the market is currently overbought. Asset volatility analysis shows that the CME Oats future's upper Bollinger Band® is at $411.26 which indicates a further downward move may follow. Support/Resistance levels obtained from chart analysis indicate that Oats could begin to recover as it approaches significant support, now $2.25 away from $404.5. Dipping below could be an indication that further losses are ahead.

Notwithstanding the Oats future's appreciation in recent days, the technical outlook suggests its bullish run is now fading.

Though the Oats future has been dropping, other Grains have been performing better: Corn went up by 4.05% yesterday, and closed at $597.75. Soybeans jumps 3.71% yesterday and closed at $1,292.25. Rough Rice moves up 0.39% yesterday and closed at $15.35.

The commodity has been trending positively for about a month. A month ago, the Oats future fell to a low of $302.75 but has since recovered 35.34%.