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Tech Guy Comments 5/16/24

June Crude Oil marked it's low 15 cents above the 78.05 support price, then rallied about a buck and one half.

support - 79.05

78.20

resistance - 80.00

81.60


July Soybeans marked the low 2.25 cents below the 1212.50 support level, then rallied a dime, low to high.

support - 1210.00

1203.00

resistance - 1224.00

1233.00


July Soymeal marked it's low 2 ticks above the 366.50 support price, after selling off about 5 bucks from last night's session highs.

support - 364.70

355.50

resistance - 373.00

382.00


July Corn marked the low 2.25 cents below the 458.25 support level, after selling off 7 cents from this early morning's high.

support - 456.00

454.00

resistance - 465.50-466.50

473.00


July SRW Wheat marked it's low 3.25 cents below the 660.00 support point, after selling off 21 cents from the morning high price of 681.50, 1.50 cents above resistance.

support - 660.00

654.50

resistance - 681.50

697.00


July HRW Wheat marked the high 4 cents above the 687.50 resistance, then sold off for 16 cents from 687.50 (yest resistance).

support - 672.50

669.00-667.00

resistance - 691.50

707.00


July Spring Wheat marked it's low exactly at the 717.50 support price, after selling off 23 cents from the highs.

support - 717.00

710.50

resistance - 741.00

748.50


Jun S&P marked the high 9 bucks above the 5340 resistance level, then sold off 24 bucks (from 5340) into the close.

support - 5283

5260

resistance - 5336-5342

5349 - today's high


July Cocoa has been trending weaker the last 2 days, with it's inability to trade above 8000. The next downside target is between 5900-5600. Today's close was 7334. There are many sell stops below 7000.




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