Tech Guy Opening Calls & Comments 3/16/23
May Wheat - Steady to 1 Lower
May Corn - 1 to 2 Higher
May Beans - Steady
May Corn rallied to within a few ticks of the 635 - 637 resistance level today, finishing up +5.50. Next resistance is in the 642 - 644 area and support below comes in near the 622 - 620 level.
In case there is any question about it, the uptrend since the March 10th low is firmly established. Here is a zoomed out daily May Corn chart so you get a bigger perspective going back to last July.
The May Soybean market needed to test the recent February 28th low at 1477.75 today (w/in 1 tick). The chart is telling us the fund buyers like the 1485 price level and lower because all 3 times that price print has occurred, the funds rally the beans at least 15 cents higher.
Often times, 3 tests or 3 swing points is a number the market likes for a reversal. I suspect that is the case in May Beans now. Check out the 2 hour bean chart going back to mid-February.
As expected, May Wheat consolidated between 706 and 692 today, building energy for the next move higher which should take it to the 720 - 723 level. After this, wheat will likely pullback/backfill to the 703 +/- level. Here is the updated look at May Wheat's 2 hour chart.
April Crude Oil corrected down to 65.71 today, only 6 ticks from yesterday's high volume low. The traders (sellers) tried to wash out as many new longs as possible. Crude closed up +.67 on the day to 68.28, demonstrating that the fund longs like any price below 67.40, which was today's first possible support level.
You can tell that the longs like price below 67.40 because it only traded below that area for about 2 hours compared to about 20 hours that crude oil traded above 67.40. Check out the 30 minute April Crude chart from today.
April Natural Gas is taking it's time starting another up leg. However, the breakaway gap remains open after 2 good tests of the top of the gap, indicating that the buyers are eager and a sharp move higher is imminent.