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Tech Guy Opening Calls & Comments 2/8/23

March Wheat - Steady to 1 Higher


March Corn - 2 to 3 Lower


March Beans - 1 to 2 Lower


It is more important how a market responds to a report than the news of the report itself. In other words, the news for March corn and wheat was neutral, yet they both closed in the positive. This is somewhat bullish for corn and more bullish for wheat - corn was up +4.50 and wheat closed up +15.25.


The news for soybeans was slightly negative, yet March Soybeans closed up +4.50 on the day. This reaction is supportive for soybeans. The sellers gave the top of the big ascending triangle line at 1508 a good test, then it closed almost 12 cents up from that.


There is a smaller triangle marked on the 2 hour March Bean chart below. It shows that support for tomorrow is 1512 and resistance at about 1535. Here is today's bean chart with new labeling.


March Soymeal marked an almost perfect Doji on the daily chart, where the close was +2 ticks above the open. This should be a sign that meal will make another run to the upside and test the new high that was made last Friday. See it here.


Since Friday, March Corn has been trading in a narrow, sideways channel on either side of the left neckline swing high points. If you will remember, this small channel is within a bigger ascending triangle on the daily chart posted a few days ago. The blue lines of the channel provide support and resistance.


The bottom line for corn is that it is building energy for a move later on. If we get a close above 691 this week , this will be a breakout of the smaller 3-4 day range. You can see what I'm talking about on March Corn's updated 2 hour chart.


Here's an updated look at the triangle on the daily continuation corn chart.



March Wheat marked it's first close above 760 in 6 trading sessions. The next target up will be about 783, a balance and neckline. Above this will be 810 to 820. However, the inverted head & shoulders target is technically 834, but markets don't usually hit the target exactly. Support is now 760. We will have to pay attention to price action as prices move higher - will wheat price move in sharp up spikes or will it be methodical & stairstepping? Check out all the lines (guidance) on the March Wheat chart again.


The amount of backfill we get from the 78.50 to 79.00 area in March Crude Oil will tell us more about whether crude will stop at the next level around 82.5, or begin a leg up above this - to 90 or beyond. Crude can still be viewed as an inverted head & shoulders now with 2 right shoulders. Here is today's Oil chart.


Here is an updated March S&P chart. It is still fleshing out the #4 correction which will either made up of an A-B-C or A-B-C-D-E triangle.








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