top of page
If You Haven't, Try Our Daily Grain Market Reports FREE for 30 Days!
Writer's pictureTech Guy

Tech Guy Opening Calls & Actual Comments 10/7/24

Dec Wheat - 0.75 Higher


Dec Corn - Steady/Mixed


Dec Soymeal - 1.20 Higher


Nov Beans - 1.00 Lower


November Crude Oil Is very strong, as it keeps trading above the daily resistance levels. Expect higher prices.

support - 76.50

75.00

resistance/

targets - 78.55

80.20


November Soybeans marked the low 4.50 cents below the 1031.00 support level, then reversed up and closed at 1034.75, which was above the first support price. Therefore, no actual technical damage has occurred, and a new up leg should begin sometime this week.

support - 1030.50

1026.00

resistance - 1056.00

1064.00

Soybeans is in an uptrend and it has completed 2 up legs. A basic rule or tenet of charts says that the correction which occurs after the 2nd up leg should not penetrate the top (a few cents only) of the first up leg. In fact, the top of the first up leg should be good support and a low risk place to go long.


If this high is violated significantly, it means a bigger correction lower is in order, but we think an uptrend is still occurring, instead.

Here is the 4 hour Nov Bean chart illustrating this rule:


December Soymeal marked it's low 2 bucks below the 325.00 support level, after selling off about 6 bucks from the high.

support - 322.00

316.00

resistance - 336.00

344.00


December Corn marked it's low 1.25 cents below the 422.50 support price, then rallied almost 6 cents to the high. The daily uptrend should continue from here.

support - 424.50

422.25

resistance - 435.00

442.00


December SRW Wheat marked it's low 2 ticks above the 583.00 support point, then rallied about 11 cents to the high. If wheat can close above 620 this week, there's not any real resistance until 720.00.

support - 590.00

585.00

resistance - 600.00

618.00


December HRW Wheat marked it's low 3.00 cents below the 595.00 support price, then rallied about 14 cents low to high.

support - 600.00

592.00

resistance - 610.00

624.00



December Spring Wheat tested yesterday's low by 2 cents, then reversed up and closed 5.75 cents higher on the day. Spring wheat is the strongest bull out of the 3 wheats.

support - 639.50

632.00

resistance - 654.00

705.00


December S&P sold off about 51 bucks today, closing very near the 5747 support level.

support - 5740

5723

resistance - 5790

5815





Comments


bottom of page