top of page
If You Haven't, Try Our Daily Grain Market Reports FREE for 30 Days!

Tech Guy Opening Calls & Comments 10/5/23

Dec Wheat - Steady to 1 Lower


Dec Corn - 1 to 2 Lower


Nov Beans - Steady to 1 Lower


Old resistance becomes support as markets rally, just as December Corn moved up beyond 490 today. The 2nd target was achieved at 498. Bias/impulse remains up.

1st support - 493, 2nd - 490.

1st resistance - 501, 2nd - 508, 3rd - 525 - old gap to the left.


The 1281 (first) target was surpassed by a couple of cents today in November Soybeans. Bias remains up.

1st support 1275, 2nd - 1270.

1st resistance - 1285, 2nd - 1290-1293.


December SRW Wheat rallied above the first 2 target levels. This changes the landscape to a slightly up bias.

1st support - 575, 2nd 569, 3rd - 551.

1st resistance - 585, 2nd - 597.


December KC Wheat rallied to just beyond the 2nd level resistance of 688 today. Bias is slightly up.

1st support - 685, 2nd - 673, 2rd - 668.

1st resistance - 695, 2nd - 724.


December Spring Wheat also enjoyed higher prices today.

1st support - 715-714, 2nd - 709.

1st resistance - 729. If 729 is breached, the chart is smooth up to 754. Remember the rules? - smooth left/smooth right.


Crude Oil is due for a bounce after selling a buck lower than I anticipated, to 82.25. 89 would be a 50% retracement and very probable. Now we know this is a longer term correction before anyone can think about $100 crude.


December Live Cattle continues correcting down. 178 is a reasonable downside target, after closing at 185.37 today.

Comentarios


bottom of page