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Tech Guy Opening Calls & Comments 11/29/23

March Wheat - Steady


March Corn - Steady to 1 Lower


Jan Beans - 1 Lower


January Crude Oil marked the low 23 cents below the stated support of 75.90 and then rallied about 2 bucks.

support - 77.00-76.75

74.00

resistance - 79.80

81.50

84.50


January Soybeans marked it's low 2 cents below the 1339 support, and rallied about 11 cents.

support - 1343.00

1337.00

resistance - 1363.00

1375.00

1391.00


March Corn marked it's low on the lower support of 470.50, then rallied 6.50 cents on it's way to first resistance at 477.00. The high print was 477.25.

support - 475.00

473.00

resistance - 484.00

490.50

493.00

497.00


March SR Wheat never tested support and rallied to within 1 cent of the 2nd target of 588.50 - about 14 cents low to high.

support - 583.50

579.50

571.50-570.00

resistance - 583.00

600.00

609.00

621.00


March KC Wheat also traded above support and rallied past 2 resistance marks for a range of about 20 cents.

support - 630.50

624.00

621.50

targets - 642.00

648.00

660.00


March Spring Wheat marked it's low last night 1.15 cents above support of 710.00, then rallied past resistance for about 18 cents. The wheats all trading above resistance is a sign of strength.

support - 722.25

720.00-718.50

714.50

targets - 740.00

748.50

755.00


December S&P marked the high in between the given resistance levels and made the low 4.5 points below first support. The probability of a deeper correction is higher over the next few days. Current price is at a fulcrum on the chart.

support - 4542

4489

4413

resistance - 4615

4635

4741-4808


Here's the 8 hour Chicago Wheat chart for those interested:





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