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Tech Guy Opening Calls & Comments 2/29/24

May Wheat - Steady


May Corn - 0.50 Lower


May Soymeal - 0.40 Lower


May Beans - 1 to 2 Lower


April Crude Oil was rangebound today, marking the low 14 cents above the 77.80 support level, then rallying about 1.50.

support - 77.95

77.15

76.70-76.25

resistance - 79.10

79.60


May Soybeans marked a new low for the move, taking out sell stops, then closing 11 cents above that low on defensive buying.

support - 1136.50

1133.75

resistance -1151.50

1162.00


May Soymeal marked it's low 1.20 below support, then rallied 8 bucks.

support - 326.80

323.10

resistance - 336.00

334.00


May Corn made it's low in between the 2 support levels then closed higher again for the 4th day in a row, which hasn't occurred since December 5th.

support - 427.50

421.00

resistance - 434.00 - 2nd breakout point

445.00


May SRW Wheat marked it's low in between the 2 support levels, while trading in a small range day - constricting/winding energy.

support - 573.25

565.50

resistance - 581.00 - breakout number

600.00


May HRW Wheat marked it's low 3 cents above support - this is seen as bullish convergence for the wheat markets as a whole.

support - 584.00

580.00

577.00

resistance - 589.00 - breakout

612.00 - target

May Spring Wheat marked it's low 2 ticks below 653.00 support, then rallied 7 cents.

support - 655.00

652.50

resistance - 661.00 - breakout

675.00

685.00


March S&P marked it's low at the 5060 support, then rallied as much as 54 points @ $50 per point.

support - 5088

5065

resistance - 5123 - breakout

5186

A close above 434.00 (430.00 today) tomorrow in May Corn will equal a weekly key reversal - I don't want to jinx it, but there will be selling at the 434 level.

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