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Tech Guy Opening Calls & Comments 11/7/23

Dec Wheat - 2 to 3 Lower


Dec Corn - Steady to 1 Higher


Jan Beans - Steady to 1 Lower


December Crude Oil marked the largest down day since October 4th today, pushing way below the support levels. It seemed like a washout/capitulation.

support - 77.00

76.25

73.60

resistance - 80.00

82.00


January Soybeans marked it's high 4 cents shy of the stated resistance of 1384, sold off, then marked the low 1 tick under the 1st support level of 1357.

support - 1357.00-1355.00

1337.00-1334.00

resistance - 1384.00

1388.50

1399.00


December Corn slipped below support to test last weeks low. Big volume between 470.00 and 468.50 indicates the funds were defending the lows - buying.

support - 468.00

462.00

resistance - 475.00

481.50

484.50


December SRW Wheat also took out support levels and sold off to 564.50 and reversed up with a vengeance. Before that, Chicago wheat marked it's high 1.25 cents below first resistance - 15+ cent sell opportunity.

support - 564.50-563.00

557.00

resistance - 582.50-585.00

587.00

595.00


December KC Wheat closed 1.50 cents below lower support and bottomed on good volume.

support - 632.00-630.00

625.00

resistance - 642.00

646.00

653.00


December Spring Wheat marked it's high on the middle resistance level of 735.50, reversed down and marked the low .50 cents below middle support.

support - 723.00-721.00

715.50

resistance - 736.00-738.00

747.00

754.00


The capitulation-like/big volume selling action in corn, crude and the wheats today sets the stage for probable up moves tomorrow or Thursday, or both.


December S&P marked it's low 2 points above first support today, then broke through and closed above the first resistance level of 4392, as expected.

support - 4392-4389

4350

resistance - 4433

4460

4508

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