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Tech Guy Opening Calls & Comments 10/15/24

Writer's picture: Tech GuyTech Guy

Dec Wheat - 1.25 Higher


Dec Corn - 0.25 Higher


Dec Soymeal - 1.20 Higher


Nov Beans- 2.75 Lower


November Crude Oil violated the top of the last up leg by too much, therefore the big downtrend is the dominant energy driving the crude oil market...and, this makes sense as our supply is going to ramp up very soon.

The 2 up legs from the low of 65.27 are a correction, not a new uptrend. If we can't rally higher than 71.50-71.75, watch out below. Otherwise, I look for buyers to take crude up to 75.00+? to attempt filling the gap down from Sunday night. After that objective, it's all selling from what I see.


November Soybeans closed 3.50 cents above the lower 989.00 support price, after taking out as many sell stops as possible. The toughest thing with markets/life is patience. First corrections after the first up leg in a new uptrend are always the deepest. We're down between 62 and 78%.

support - 985.00

980.00, 972.50

resistance - 1009.00

1025.00


December Soymeal sold past support by 3.70 bucks.

support - 310.30

307.00

resistance - 319.00

322.50


December Corn marked it's low 2 ticks below the 401.00 support because I was not thinking big enough. The reason these first pullbacks are so far down, is the bears have not given up yet on the idea of an additional downleg (greed & fear).

support - 401.00

396.50

resistance - 407.00

414.00-416.00


December SRW Wheat found support within a few ticks of a parallel line running across highs. I'll show you.


December HRW Wheat found it's low 1.50 cents below the 583.00 support level on a similar parallel line running across lower highs.

support - 581.50-580.00

578.00


December Spring Wheat marked support 2 ticks below the 616.50 support price, after selling off 12.00 cents high to low.

support - 615.50-614.00

604.00

resistance - 627.00

644.00


Maybe it goes without saying, maybe it does not, but if you are looking for a support or resistance mark in any of the wheats, you need to scan all the levels in all 3, because if I'm off on one, it maybe very close on 1 or 2 of the others, like today.

Maybe I'm the only one who utilizes this, but I call it support or resistance by

association.

In a looser fashion, quantitatively speaking, this rule also applies to all the grains.

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