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Tech Guy Opening Calls & Comments 10/3/23

Dec Wheat - Steady to 1 Lower

Dec Corn - Steady

Nov Beans - Steady to 1 Lower

A note on support/resistance: these spots can be swing points or pivots - where intraday corrections occur, and levels where there is a build up of sell or buy stop orders. If your able to follow closely, you will see how they work.

Support at the 485-484 level held in December Corn today. The next order of business for the bulls will probably be challenging the 490 resistance mark, and then making a run up to the 500 price level.

1st support - 484, 2nd - 482.

1st resistance - 490, 2nd target - between 500-507.

The funds flushed out all the weak longs below 1265 in November Soybeans this morning, and then they reversed back up to 1274. This is a classic fakeout/shakeout pattern. Therefore, the odds are good that a low's in place.

The Nov/Mar bean spread bottomed at -39.25, then reversed up to -34.75 = bullish.

1st support - 1268, 2nd - 1264, 3rd - 1256.

1st resistance - 1275, 2nd - 1282, 3rd - 1291, 1307.

December SRW Wheat remained steady today - the bulls kept building. If we can get a close above 586, good bet on the low.

1st support - 564, 2nd - 554.

1st resistance - 576, 2nd - 586, 3rd- 600.

The 670 level held the buyers in December KC Wheat today. Sticking with same support numbers until further advancement.

1st support - 670, 2nd - 661.

1st resistance - 696, 2nd - 723.

1st support and resistance basically framed the December Spring Wheat trade today, which had a range from 715 to 729.

1st support - 715-714, 2nd - 701.

1st resistance - 729, 2nd - 745.

November crude oil should see a bounce to 92.25, but then further selling to the 85 area. If another leg down doesn't occur = extreme bullish.

Check out the fakeout spike low in November Beans today.


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