Tech Guy Opening Calls & Comments 3/7/23
May Wheat - Steady
May Corn - Steady to 1 Higher
May Beans - 1 to 2 Higher
As expected, May Beans corrected today a smidge down below the red support line at 1515. I'm not saying the USDA report tomorrow is going to be bullish for soybeans tomorrow, only that another leg higher (soon) is the most probable scenario, based on the bean price/wave action since February 28th. Hang on to your hats.
November Soybeans update: The daily chart has been acting predictable with price finding support on the big uptrend line from the 2020 lows on January 23rd - 25th. After that Nov Beans hit resistance on a different line on February 21st, sold off and marked a higher low on February 28th, then the bulls have been clawing back in over the last week of trading. The updated chart is fairly explanatory, just take your time.
December Corn Update: Price broke down from the big triangle 2 weeks ago, and now we are waiting to see if the huge volume in March & May corn last week on the low price day will be enough energy to also lift the December contract and reverse back up through the triangle. Logic says if May Corn can rally, so will December, only to a probable lessor degree.
May Corn continued sideways in the ledge shown yesterday. The most probable scenario is for this sideways consolidation action between 632 - 642 to continue until an upside breakout from the ledge occurs.
I don't know if May Wheat marked it's final low price for the move yet, on today's trade, but it did paint a DOJI bar on the daily. The low price was made only minutes after the open and price rallied, then consolidated higher the rest of the session. I believe this fact bodes well for the bulls possibly taking control in wheat. However, we will have to get a confirmation of more buying the remainder of the week.
As expected, April Crude Oil ran into resistance 6 ticks shy of 81.00, and I implied the correction should be shallow, but didn't give a price. I was thinking the lowest support would be the red line at 77.90. Since the low today was 77.06, crude may be gunning for 75.85, just below 62%, at the last swing low. Here is what it looks like.