Tech Guy Opening Calls & Comments 10/21/24

Dec Wheat - 0.75 Higher

Dec Corn - 0.25 Lower

Dec Soymeal - 0.60 Higher

Nov Beans - 1.50 Lower

December Crude Oil marked it's low 9 cents below the 68.55 support level, then rallied almost 2 bucks from low to a high of 70.39.

support - 69.25

68.10

resistance - 70.65

73.75

November Soybeans was unable to take out last Thursday's low of 968.25, and instead bottomed at 969.00 on last night's open. Because the buyers were too eager to complete the triple low, this tells me - bullish, and that the low is probably in place.

support - 977.00

968.50

resistance - 995.00

1005.00

Bean chart showing space or gap from Thursday's low:

December Soymeal marked it's low 4 ticks above the 315.00 support price, then rallied about 4.50 bucks low to high. Meal has not been able to print a new low since last Tuesday - also bullish and speaks that the correction is likely over with.

support - 315.00

311.70-311.00

resistance - 323.50

330.00

December Corn marked it's low 3 ticks below the 403.75 support level at the right shoulder, then rallied all session about 9 cents to the high. Corn also took out resistance at 409.50, then closed there.

support - 407.75

404.00

resistance - 415.50 - old gap

423.00

December SRW Wheat marked it's low 1 tick above the 570.50 support price, after selling off more than 13 cents from the high. The 584 area (today's high) was resistance that I overlooked. Today's low was 2 ticks above Friday's low, also indicating demand strong enough to avert the test.

support - 571.00

566.25

resistance - 584.50

596.00

December HRW Wheat marked it's low 1.75 cents above the 579.00 support level, then rallied about 11 cents. It is also called front running when a market can't test a level that it should - again, too much demand.

support - 580.50

577.50

resistance - 592.50

603.00

December Spring Wheat marked it's low 1.75 cents below the 615.00 support price, after selling off about 11 cents from the high. Spring wheat is the weakest wheat based on chart action.

support - 611.50

604.00

resistance - 624.50

637.00

Stock futures were divergent today, with the Dow being down about 330, and the Nasdaq being up about 50.