Tech Guy Opening Calls & Comments 3/27/23
May Wheat - Steady
May Corn - Steady to 1 Lower
May Beans - 2 to 3 Lower
Checking in on December Corn again, we should have a clean shot up to 600 - 605, then perhaps a consolidation pause of about 10 cents - 590. We will have to see how price reacts around the 600 level first, then make a determination on the next move.
The odds favor Dec Corn eventually making it's way to test the April 2022 high at 679, eventually. First things first. Check out today's new crop chart.
May Corn closed above the old (642.75) swing high today to the left at 647.25 - 2.75 higher on the day. Support comes in between 642.50 and 635, depending on tomorrow's trading action. 670 remains the first target objective above and then 683 is the last old high above that. Here is today's May Corn chart.
May wheat experienced follow through buying today, testing the old trendline running across the previous lows. It settled directly on that line between 697 and 700. Support comes in at 680 and the next resistance above is 720. You will see it on the updated wheat chart.
November Soybeans have successfully turned the trend around from down to up - Covered the old gap and closed 2 consecutive bars above the top of the gap. Support is the top of the gap at 1274-73 and first resistance is about 1324. However, because beans are now moving up instead of down, we will eventually see 1380 to 1390. Check out the current Nov bean chart.
May Soybeans is also starting a new up impulse where I count a 1-2-3 so far, but 3 is still in process and should terminate in the 1455 to 1460 area. There is a bump on the left at 1453 which will create a bump on the right that will result in the end of leg 3 and a corrective 4 leg down. Support is 1432 and resistance is from 1453 to 1462. You will see what I mean on today's May Bean 2 hour chart.
May Crude Oil Update:
The rally which is continuing in Oil has a minimum objective of 74.00 that is derived from the length of the first up impulse/leg which is 7.25 bucks. It is more probable that the next leg takes us to about 78.00 which is the 1.5 times Fibonacci of the 7.25 first leg.
Crude Oil is considered a financial whereas corn and beans are agriculture. The point is that 2nd legs up in financials are more likely than ag to have a marked extension on wave 3 up. Agriculture usually extends 3 also, but not as pronounced.
78.00 is also where the next resistance is. This resistance is caused from an old pivot point that represented the middle of the old channel. Support is 71.60 (the high of the first leg) and their could be some light resistance at 73.75 - because of crude's current strength, price probably will not spend much time at the 73.75 level. You will see these details on the updated May Crude 4 hour chart.