Tech Guy Opening Calls & Comments 5/18/22
July Wheat - 7 to 10 Lower
July Corn - Steady to 1 Higher
Dec Corn- Steady
July Soybeans - 1 to 2 Higher
The 1200 cent gap in July Wheat is strong support. Be careful trying to pick a top if the 1284 price is breached to the upside.
1653 is good support in July Soybeans. You saw my corn opinion earlier.
Moving to JULY Crude Oil: made a nice saucer bottom on the intraday chart between 106-107 today. I expect a re-test of 113 on the upside. Was about 1.5 dollars off on the June contract low - from comments yesterday.
All assets (stocks & commodities) were in liquidation mode today. There is some buying going on in the S&P futures during early after market trading - let's see how it goes tonight.