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Tech Guy Opening Calls & Comments 5/16/22

July Wheat - 9 to 11 Higher

July Corn - Steady to 2 Lower

Dec Corn - 3 to 4 Lower

July Soybeans - 4 to 9 lower

As expected, Wheat, corn and soybeans picked up momentum and traded higher today. Remember to Keep the June 16-17 date date in mind. Higher highs and lows should continue.

1278 (March high) in July Wheat is only about 30 cents up from today's limit up close. Let's see how it behaves when it gets there. I am not seeing it much as resistance any longer - maybe a brief rest stop.

July Corn gained on the December contract and most likely will continue to do so over the next few weeks. July should be testing the April 29 - 824.5 high very soon. The December contract closed 8-10 cents above Friday's high - The bullish engulfing candle pattern is starting the week as we expected - higher.

November Soybeans was a bit stronger than the July contract today. July will begin to lead more consistently probably starting again tomorrow.

I removed the sell limit orders (targets) from July Corn and Soybeans positions - will allow the trades to develop and trail with lose sell stops.

June Crude Oil update: made it up to 114.90 today. Because the move today completes 5 waves (3 complete legs higher) up since the May 10 - 98.20 low, I do not know if 112 support will hold. 5 waves can be a complete impulse wave that needs an A-B-C correction (2 down legs instead of 1) so it may correct more -108-107??


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