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Tech Guy Opening Calls & Comments 4/22/24

May Wheat - Steady


May Corn - 0.25 Lower


May Soymeal - 0.20 Higher


May Beans - 0.75 Lower


Continuation (now June) Crude Oil marked it's low pretty much halfway in between the 2 listed support prices. When the 2 levels are close, that's how the market math and new chart levels play out.

support - 81.10

80.40

resistance - 82.90

85.60


May Soybeans marked the low 2 ticks below the 1145.00 support overnight, then today rallied 20 cents, taking out the upper resistance level by 4 cents. This is the price action you want to see with a new up leg starting.

support - 1159.25

1154.50 - old resistance, new support

resistance - 1174.00

1182.00


May Soymeal marked it's low 2 ticks below 2nd support of 339.00, then rallied 7 bucks.

support - 342.80

338.50

resistance - 347.60

356.00


May Corn marked it's low on the 2nd support level at 431.00, then rallied a dime, past the 1st resistance level - impressive.

support - 438.50

436.75

resistance - 448.00

459.00


May SRW Wheat marked it's low 3 cents above the 1st support level (bullish), then rallied 30 cents low to high. The high and close are above yesterday's top resistance level.

support - 568.00 - yesterday's resist.

558.75

resistance - 582.00

590.00 - above this is the 600 target.


May HRW Wheat marked the low 3 ticks above the 579.50 support level, then rallied 26 cents low to high, closing above resistance, as well.

support - 595.00

591.50

resistance - 607.00

620.00


May Spring Wheat marked it's low 2.25 cents below lower support of 640.50, then rallied 25 cents.

support - 650.50

647.00

resistance - 668.50

667.00


June S&P gapped up on last night's open, filled the gap this morning, then rallied 70 points, remaining in between support and resistance.

support - 5035-5030

4936

resistance - 5095

5137


Cocoa - today, we had confirmation/higher probability that a temporary top is in place for May and July Cocoa - it's too early to know if the final high is in place. The price action couldn't take out Friday's high, and the May contract sold off to below Friday's low, closing near the lows of the price bar/day.



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