Tech Guy Opening Calls & Comments 2/14/23
March Wheat - 1 to 2 Higher
March Corn - Steady
March Beans - Steady to 1 Lower
December Corn has been trading in a narrow, sideways, slightly upsloping channel since January 23rd. The range has been 583.75 on the low end and 598.75 on the upper end.
This consolidation area is within a much bigger triangle dating back to July 2022. The triangle has sqeezed itself down to a very narrow area of 590-606. I anticipate a large move when it breaks out of the triangle - probably higher but this not confirmed yet.
Once it shows us more information, we will be talking about it. There is a smaller triangle working the last few weeks in which price seems to be lifting above.
You will see what I'm talking about on the updated new crop corn chart dating back to December 2021.
The March, July and December contracts of Soybean meal all corrected a small bit today. However, all the gaps from yesterday were left open. In the meantime, it doesn't mean the uptrend in meal is dead if the gaps are closed, an open gap simply gives the market more urgency.
Last weeks high in March Beans is where the buyers were waiting during this energy building day today. Check out the red line.
March Corn rallied up to test the June 1st high and then corrected somewhat on the 2 hour chart today. The level reached today was also very near the high of January 31st. This area is denoted with 2 red arrows at the top of the range.
I think March Wheat is marking a double 3 correction on the zoomed in chart. Adouble 3 is 2 A-B-C waves connected together by an X leg. This pattern is a triangle of sorts. Hopefully you can see these labels on the 1 hour chart. If I am correct, tomorrow is more likely to be a rally day. Let's see.
The red support line just below 78 on the March Crude Oil chart was tested fiercely today on the economic news released. The buyers aggressively came to the party and lifted prices back above 79. There is a good chance crude will start the next up leg now. Check out the big spike low on today's crude chart.
