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Tech Guy Opening Calls & Comments 10/10/23

Dec Wheat - 1 Lower

Dec Corn - Steady to 1 Lower

Nov Beans - Steady

November Soybeans bottomed overnight near the 2nd support level of 1256, rallied sharply in the morning and topped out at 1273.25, just beyond the 1st resistance level.

1st support - 1264, 2nd - 1259.

1st resistance - 1275-1277.5, 2nd - 1291

December Corn last traded at the 2nd support price of 486 in today's session.

1st support - 482.5, 2nd - 475

1st resistance - 490, 2nd - 499

December SRW Wheat traded an inside bar/narrow range day yesterday. A strategy utilized by swing traders is to place a buy stop above the range and a sell stop just below to enter a trade in anticipation of a breakout day, which is what occurred today.

An entry sell stop just below 1st or 2nd support today would have resulted in a profitable trade. Support and resistance levels can be used for limit or stop orders, depending on the setup.

1st support - 555, 2nd - 551.5

2nd resistance - 564, 2nd - 568, 3rd - 575, 4th - 583. old support becomes resistance and vice versa.

Here's an example of how the previous day's support/resistance numbers work intraday when they're not the low/high of the day.

December KC Wheat also sold off today, and marked it's low for the day 1 cent above 2nd support.

1st support - 667-665, 2nd - 661

1st resistance - 679, 2nd - 691

December Spring Wheat had a more muted selloff today, and traded between 729 and 718.5. The low for the day was 2.5 cents above 3rd support.

1st support - 719, 2nd - 714, 3rd - 702

1st resistance - 730, 2nd - 736, 3rd - 754.


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