Tech Guy Comments 4/20/23

May Wheat -

May Corn -

May Beans -

December Corn has been trading in a range between 547 on the low side and 575 on the high side since March 22nd. Since March 29th, Dec Corn has been marking a small triangle, building energy for the next leg higher.

587 is the next target higher, then 605 comes in to play. Take a look at the updated Dec Corn daily chart.

The May Corn contract and May/July Corn spread both set back a bit today. The May contract violated the 668 support by a few cents and closed at 664. I still can't tell if we are starting a longer time frame correction which could take prices down to 650 or so.

668 is the top of the last up leg and I have seen these types of over runs before where the up trend still continues onward. Notice how today's low is below the top of the up leg ending at 668. If corn is to see more selling tomorrow, the odds go up that a longer term correction is in order. 660 is also support.

Check out the 4 hour May Corn. Notice how the last correction ran for 5 days and this current correction is 3 days old. We watch Friday's trade.

As was discussed yesterday the 680-683 support in May Wheat was violated and price is headed down to the line near the 662-660 or even 657 level - buyers should show up here. This is today's 4 hour chart showing the the lower trendline.

May Soybeans found the buyers between 1499 and 1489 today. It took 18 days for beans to trade between the left neckline down to the head (low). Today was day 18 from the head at the bottom of the correction.

Markets love time symmetry as much as price symmetry. Check out the 4 hour May bean chart here.