Tech Guy Opening Calls & Comments 10/8/24

Dec Wheat - 1.00 Higher

Dec Corn - 0.50 Lower

Dec Soymeal - 1.10 Higher

Nov Beans - 4.50 Lower

November Crude Oil - Now that the big up leg is complete, a bigger correction was in order. The up move was from 66.33 to 78.58 - about 12 bucks. Today's correction was about 6 bucks - 50% - about right. This doesn't mean the correction is complete. After correcting higher, crude should have another down leg. However, the 72.30-72.00 price range should hold because this area was the top of the last up leg from September.

support - 72.30

70.50

resistance - 76.00

78.50

November Soybeans was correcting the entire up leg today. I thought we had 1 more small up leg, instead. Today's low was about 50% of the up move, and resting on a trendline. The correction may not be completed yet, but I doubt we go as low as 1000.00.

support - 1011.50

1001.00

resistance - 1040.00

1065.50

Today's bean chart will explain:

December Soymeal marked it's low 2.40 bucks below the 322.00 support level, after selling off about 6.40 high to low.

support - 321.00

316.00

resistance - 330.00

336.00

December Corn marked it's low 3.00 cents below the 422.25 support price, again, because all grains are in their corrective action after the first primary up move in this likely larger up trend. Corn could sell off another 3 cents to 416.00, or be finished with the correction today. Higher targets include 442.00, 456.00, and 462.00

support - 419.00

416.00

resistance - 426.00

429.00

December SRW Wheat marked it's low 2.50 cents below the 590.00 support price, after selling off about 12 cents high to low from within 3 ticks of the 600.00 resistance level. That's a possible trade.

support - 590.00

586.50

resistance - 600.00

618.00

December HRW Wheat marked it's low 1.75 cents below the 600.00 support price, after selling off about 11 cents from high to low.

support - 601.00

592.00

resistance - 610.00

624.00

December Spring Wheat printed it's low 5 ticks above the 639.50 support price in what was a relatively small range day of 9 cents.

support - 640.00

631.50

resistance - 654.50

*706.00