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Tech Guy Opening Calls & Comments 3/4/24

May Wheat - 0.25 Lower


May Corn - Steady


May Soymeal - 0.40 Lower


May Beans - Steady to 1 Lower


April Crude Oil Marked it's low 44 cents below the 79.00 support. This is a daily upside breakout (big scale), therefore 44 cents of overshoot is not out of the ordinary.

support - 78.56

78.00

resistance - 80.40

80.85.00


May Soybeans marked it's high 3.75 cents beyond the 1162.00 resistance, and then found support at the breakout price of 1152.50. I am seeing bullish divergence with the call option prices.

support - 1150.00

1138.50

resistance - 1166.50 - breakout

1192.00


May Soymeal marked it's low 1.60 below the 344.00 support/breakout point - not unreasonable.

support - 332.40

329.00

resistance - 339.00

346.00


May Corn marked it's high 1 cent below the resistance/breakout at 434.50.

support - 427.50

422.00

resistance - 434.50

446.00


May SRW Wheat found support 2 ticks above the lower stated support number, then rallied 15 cents to the high.

support - 560.50

553.00

resistance - 569.00

577.50


May HRW Wheat marked it's low 2 ticks above lower support, then rallied 20 cents.

support - 573.00

568.50

resistance - 586.50

594.50


May Spring Wheat marked it's low 2.50 cents above support, then rallied 15 cents to the 660 resistance level.

support - 651.00

642.50

resistance - 660.50- breakout

675.00


March S&P marked it's low 9 points above the 5123 support level, then rallied 25 points.

support - 5130

5123

resistance - 5158

5186


The Cocoa market was too strong for now, to continue selling off to close the 5275 gap. May Cocoa may be marking a double top. If so, the downside target would be 5143. Let's see what tomorrow brings. It is a risky sell up here, but if correct, very profitable = 1400-1500 points.


May Cotton reacted to the weekly gap at 100, by correcting. Support should be between 92-90.

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