Tech Guy Opening Calls & Comments 5/19/22
July Wheat - 7 to 10 Higher
July Corn - Steady
Dec Corn - 1 to 2 Lower
July Soybeans - Steady
Tomorrow is June Grain Options expiration and these markets can be more volatile in both directions. We will have to see What happens in overnight and early morning trading for more guidance. If the outlook becomes more clear tomorrow, I will comment .
July Wheat Filled it's gap In the 1200-1198 area. Yesterday I thought this area would be good support. Today, 1194-1200 did hold but we will need to see overnight for more confirmation that wheat is still headed UP.
July Corn made a slightly lower low today (773) then rallied to just shy of 790 which is above yesterday's close. This most likely signals strength. The 773 level should be good support.
The daily bar in July corn was a doji which is the opening and closing almost identical price. This means the bulls and bears put equal pressure on prices. When a doji appears after a small correction it usually means the tide is turning up for the bulls (buyers are gaining momentum). Please see the July corn daily with doji's marked.
July Soybeans is another story as it made a higher high to 1697 after making a higher low overnight. Beans have remained in an up trend while corn has been correcting. There is an intraday gap at 1672 which will serve as good support if beans need to sell off. Tomorrow could be a nice up day in beans and corn but confidence is only 50-65%. I am normally 85%+ confident when making a call for direction and price targets.
July Crude Oil update: The path of least resistance (most likely) is straight up to 116. The range from 103.24 to over 110 today was impressive. Less likely is consolidation (back and forth) trade between 110 - 105.5 before a move all the way to 116. After achieving the 116 area Crude will likely backfill to the 112-110 area.