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Tech Guy Opening Calls & Comments 3/20/23

May Wheat - Steady

May Corn - Steady/Mixed

May Beans - 1 to 2 Lower

When you are looking for a correction to be complete, this is the type of day you want to see in May Soybeans - an initial selloff rejected by the fund bulls with a higher, positive close.

The next larger up leg should have begun today - the next big target is 1585 +/- this is the liquidity gap on the bean continuation chart, labeled gap fill level on the chart. After that, the bump/swing high at 1610 and 1630 will be subsequent targets.

Specifically, the body of the candlestick is as big as the tail at the bottom. Support is now from 1477 to 1472 and next resistance is about 1505 - this is also the next price objective higher. Here is the bean daily continuation chart with today's bar highlighted.

Here is the updated May Soybean Meal chart, with the corresponding A-B-C correction labeled. Sometimes resistance and support is determined from where there are the most highs and lows meeting price together on the left side of the chart.

Try to see how/why I drew the red line where I did, which is near today's low in meal by following along from right to left. Check out the updated May Meal daily.

May wheat has continued to consolidate prices between 695 and 712 on Friday and today. Support is still 695 - 692. I will be looking to see how price responds at the 720 to 724 level, next resistance.

In other words, is the 720 - 724 area going to produce a significant backfill? The blue line May wheat is revolving around currently is drawn across swing lows starting in August until January, therefore it is an important line in the sand.

Here is a zoomed out 8 hour chart of wheat so you can see all the swing low points.

The bears and bulls are still battling in May Crude Oil. It is trying to carve out a base for higher prices, but the bears haven't given up yet. Because 65.00 - 65.43 is a long term low and support point, we might be watching a fakeout down move/shakeout pattern evolve on the daily chart.

Remember, crude traded is a sideways range for 3 months between 82 and 72, then the sellers took it down below 72 last week on March 14th. The bulls were buying it strong Wednesday and Thursday of last week then gave up on Friday.

Today, however, after new lows were printed overnight, the bulls bought everything up during the day session and closed crude 0.88 higher for the day. I believe crude oil will test resistance at 70 bucks this week. Lets see if the fund buyers can easily get through the 70 to 72 level.

Most of the time, highs and lows on daily commodity charts are formed after a few days of battling sideways action, not simply a 1 day spike and ledge - this characteristic is unfolding in crude - it takes what it takes. Here is the daily chart of May Crude oil with today's green bar highlighted.

May Corn has managed to create an inverted head & shoulders pattern with an upside target of 670. Therefore, it is fair to say that resistance could be anywhere between 670 and 695. The bears were unable to test the 622 support today, a sign of strength. However, there may be another small down leg that gets to 622 - corrections are often made up of 2 down legs, but 2 legs are less common in smaller/intraday timeframes. Check it out on the 2 hour May Corn.

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