May Wheat - Steady to 1 Higher
May Corn - Steady
May Beans - Steady to 1 Higher
May Wheat continued to flesh out the right shoulder today, marking a slightly lower low from Tuesday. Today's low was 664.50 and Tuesday's low was 666.25. Support has been lowered to 661 and resistance is now 684.
Here is today's May Wheat 4 hour chart - notice the ledge being formed on the lower right side of the chart marked with a blue line. Sideways movement is always an energy building phase.
We are looking at the 4 hour May Corn chart today, so I can point out some details of technical analysis. This is difficult to explain and takes time to see it, but here goes anyway.
These rules go for any timeframe chart - could be a 5 minute or a weekly chart. There are 2 points I'm trying to convey. #1. that every move has at least 2 legs going in the same direction, sometimes 3 or 5. #2. bumps on the left create bumps on the right.
The 1-2-3's could also be named A-B-C'S. The moves with only 2 legs (1-2-3) in the same direction are corrective in nature and the moves with 3 legs / same direction are with the trend.
There are 4 bigger legs on this corn chart - down, up, down, up. Run your eyes on areas that are flat or a swing point/pivot on the right and notice how the bumps on the left caused the bumps on the right.
The red arrows on the right are to demonstrate that these 3 points are in the same area of price/not exactly. You should be able to see the same concept with most of the numbered points, as well.
Moving forward with corn in this timeframe, we most likely will have a move which sells down to the 647 area or the 639 area, then a resumption of the uptrend. Check out the corn chart.
Here is another example of technical analysis - how the left affects the right. This happens to be the 30 minute S&P chart, but it could be any financial instrument of any timeframe.
It takes some time to see the support and resistance - don't stare too hard, just let your mind and eyes relax on the picture. The red lines are exactly horizontal and the blue lines connect points on an angle - both are correct.
Support in May Beans is 1499 then 1479 and resistance is 1528 then 1545.
May Crude Oil had a small correction down today. If crude is ready to rally towards 90 to 93 now, support at 81.55 should hold - this is the very top red (smaller) line which runs across the highs of the range it just jumped up from.
Otherwise, oil could sell back down to 79 before finding the fund buyers - this is the top of the gap. Odds say that 81.55 should hold. Here is a zoomed in version of the May Crude chart.