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March 08, 2023After closing the previous trading day at $341.5, Oats went up to $351 only to drop back; still positive overall today, now trading at $349 per bushel.
United States's Crude Oil Inventories new data released of -1.69 million below its previous figure.
On the flip side, highly important Crude Oil Inventories data from United States beat analyst expectations of 395,000 with a reading of -1.69 million.
At the same time, United States JOLTs Job Openings (Jan) came out at 10.82 million, while a consensus of analysts was expecting 10.5 million. United States ADP Nonfarm Employment Change (Feb) released today at 13:15 UTC with a figure of 242,000, while the previous figure was 119,000.
Oats made an initial breakout above its 10 day Simple Moving Average at $339.77, a potential indicator of a newly emerging bullish phase. Having stamped out a session range of $337 to $351, Fibonacci-inclined CME Oats traders were highly concentrated around active Fibonacci resistance at $339. In contrast, the Oats future is $6.75 away from testing key resistance at $342.25. Peaking above this level could inspire market bulls and open the path to further gains.
Overall, looking at the technical analysis landscape, it seems CME Oats might continue pointing upwards in the short term.
While Oats is higher so far today, these Grains commodities are underperforming: Rough Rice drops 2.19% to trade around $16.3. After ending yesterday's session at $634.25, Corn lost $8 and is trading around $626.25.
Other Grains are showing mixed performance as Soybeans trades with no major change, around $1,518.25.
Also worthy of note, tomorrow at 13:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 195,000 from the preceding figure of 190,000.
The commodity has been trending lower for about a month. The CME Oats future is now trading 4.75% above the significant low ($326) it slumped to 2 days ago.
