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Tech Guy Opening Calls & Comments 10/22/24

Writer's picture: Tech GuyTech Guy

Dec Wheat - 0.25 Higher


Dec Corn - 0.25 Lower


Dec Soymeal - 0.10 Higher


Nov Beans - 0.50 Higher


December Crude Oil marked it's low 10 cents above the 69.25 support level, then rallied nearly 3 bucks, low to high. There is some resistance around the 72.00 area, therefore we may get a pullback to 71+/- before resuming the rally.

support - 71.00

70.50

resistance - 73.75

74.80


November Soybeans rallied 11.25 on the day, and marked the high 2.00 cents beyond the 995.00 support price. The bottom of the correction is very likely confirmed.

support - 987.00

983.50

resistance - 997.00-1001.00

1010.00, 1020.00

Possible higher targets for the week - 1027.00, 1040.00


December Soymeal marked it's low 3 ticks above the 315.00 support level, then rallied almost 5 bucks.

support - 315.50

311.50

resistance - 320.50

323.50


December Corn also continued to rally today, closing the overhead gap at 415.50, and closing above this gap for a gain of 7.00 cents for the day.

support - 414.50-413.75

411.50

resistance - 423.00

428.50

Possible higher targets for the week include 434.50, 442.00, 456.00


December SRW Wheat marked it's low 2 ticks below the 566.25 support level, then rallied about 13 cents low to high. Looks like I was a day early in calling the end to the wheat corrections.

support - 574.75

570.50

resistance - 584.00

596.00


December HRW Wheat marked it's low 1 tick below the 577.50 support price, then rallied about 13 cents low to high.

support - 584.25

581.00

resistance - 593.00

599.00-603.00


December Spring Wheat marked it's low 2.25 cents below the 611.50 support level, then rallied about a dime low to high.

support - 609.00

603.50

resistance - 624.50

637.00


The stock indices continued their corrective action today, with strength alternating between the Dow and Nasdaq.


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