Tech Guy Opening Calls & Comments 3/2/23
May Wheat - 3 Higher
May Corn - Steady to 1 Higher
May Beans - Steady
April Crude Oil continued it's stairstepping climb upwards today. This behavior or DNA has the hallmarks of a steady even tempered bull market. Further, crude was able to penetrate that 77.80 resistance level last night and remained above it during the daytime, trading 78.00+ at the time of this writing.
Check out the updated April Crude 2 hour chart.
May Wheat showed some bull life early in the session today, trading above 720 towards the first resistance line. Later it settled back to just +2.75 higher. Wheat is still in the process of building out it's base and continues to look good for going higher.
Here's a zoomed in version of May Wheat so you can clearly see the smaller triple low.
2 days of follow through buying in May Soybeans has pretty solidly confirmed the swing low from Tuesday. Beans have also closed back above the primary triangle line confirming that this recent selloff was a fakeout bear trap to help fuel a rally.
By primary triangle I mean that the lower upsloping line that begins at the July 2022 lows, so this is the bottom of the triangle.
Her is the bigger picture of May Corn again doing some backfilling this afternoon after rallying in the morning. I also expect corn to embark on a sustained rally over the next few weeks. Straight down on the left should be fairly straight back up.
The open interest increased yesterday and Tuesday in both corn and soybeans, telling us that new strong buyers are coming into the market. Rising prices with rising open interest is bullish.