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Tech Guy Opening Calls & Comments 2/21/24

March Wheat - 0.50 Lower


March Corn - 1.0 Lower


March Soymeal - 0.20 Higher


March Beans - 0.25 Higher


The cocoa market is trading all time highs by a long shot, and it will eventually have a spectacular blowoff top. However, several days ago the March contract gapped up on the daily chart, and never filled. The previous all time high was about 3800 in early 2011.


This type of gap is called a measuring gap. Today's close was a new contract high at 6198. The measure gap takes price up to a minimum of 6850, 652 points higher. To calculate the May and July contract upside targets, add 652 to today's close.


April Crude Oil marked it's low 38 cents below support, then rallied 1.5 dollars.

support - 77.35

76.50

resistance - 78.45

79.60


March Soybeans made a new low for the move today, slicing below support.

support - 1159.25

1151.50

resistance - 1174.00

1189.00


March Soymeal did not mark a new low, but traded below support, nonetheless. I see an inverted head and shoulders pattern on the 1 hour chart, with today's low likely support at the right shoulder.

support - 341.00

339.00

resistance - 347.50

351.00

356.00


March Corn continued selling as well.

support - 408.25

395.00-397.00

resistance - 415.00

421.50

425.00


March SRW Wheat marked it's low 1.75 cents above support of 572.25.

support - 581.25

573.50

resistance - 585.00 - breakout level.

589.00

603.00


March HRW Wheat marked it's low 4.25 cents below the 578.00 support level.

support - 574.75

570.00

resistance - 587.50

599.00

610.50


March Spring Wheat marked it's low in between the 2 stated support levels from 659.50 and 654.00.

support - 657.00

649.00

resistance - 665.00 - breakout

680.00

693.00


March S&P marked it's low 4 points above support of 4955, then rallied to 6 points above the 5013 resistance.

support - 4955

4936

resistance - 5029

5060

Yorumlar


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