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Tech Guy Opening Calls & Comments 10/2/24

Writer's picture: Tech GuyTech Guy

Dec Wheat - 1.00 Lower


Dec Corn - 0.75 Lower


Dec Soymeal - Steady


Nov Beans - 1.50 Lower


November Crude Oil marked it's high at the bisection (in middle) of the 72.00 and 73.00 resistance levels, after rallying approximately 2.70 from low to high.

support -70.40

69.70

resistance - 72.50

73.30


November Soybeans marked the low 1.50 cents below the 1044.00 support price, after selling off about 22 cents from high to low.

support - 1050.00

1042.00

resistance - 1070.00 - breakout

1084.50


December Soymeal marked a huge correction, trading about 9 bucks below the 341.00 support level. Afterwards, it rallied 8 bucks back up to close at 340.00.

support - 337.00

331.50

resistance - 346.00

353.00


December Corn marked it's high 1 tick above the 434.00 resistance price, after rallying about 5.50 cents from last night's low/open.

support - 430.00

423.50

resistance - 441.50

455.00

The December Corn chart has increased it's acceleration higher, as seen on the chart below showing the steeper trendlines.



December SRW Wheat marked it's high 1.25 cents beyond the 616.00 resistance level, after rallying about 16 cents on the day.

support - 609.00

599.50

resistance - 634.00

654.00


December HRW Wheat marked it's low 1.50 cents above the 594.00 support price, rallied 19.75 cents on the day, and marked it's high directly at the 622.50 resistance level.

support - 613.50

605.00

resistance - 637.50

668.00


December Spring Wheat rallied 14.25 cents on the day, marking it's high just 2.50 cents shy of the 655.00 resistance level - a decisive breakout higher on the daily chart.

support - 642.50

637.50

resistance - 704.00

712.00 - hard to find any resistance. The previous move down was straight, except for 2-3 - 1 day small corrections. The upside target is 790.


December S&P marked it's low with a dramatic spike down/up about 9 points below the 5733 support price, after rallying about 48 points low to high.

support - 5746

5720

resistance - 5784

5813



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