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Tech Guy Opening Calls & Comments 5/2/24

July Wheat - 1.25 Lower


July Corn - 0.25 Lower


July Soymeal - 1.0 Higher


July Beans - Steady


June Crude Oil marked it's low 19 cents below the 78.60 support level in what was a small range day - traders are looking for a low to rally from.

support - 78.20

77.25

resistance - 80.30

81.70


July Corn and Soybeans/Meal had big breakout to the upside day's. Prices are free from clutter to make a run now because the charts are smoother to the left. Old resistance becomes support.


July Beans rallied past resistance on a breakout. Inverted Head & Shoulders target is 1235, near term.

support - 1193.75

1190.00

resistance/bumps - 1216.00

1223.00, 1235 target


July Soymeal is leading the oilseed bulls. This translates into a stronger bean market, overall. Always stronger when meal leads oil. Meal closed above both resistance levels.

support - 363.00

361.40

resistance - 373.00-377.00

398.00


July Corn rallied out of the gate last night, closing up 9.25 cents on the day at 460.00, above the breakout resistance level. 460 is another important mark to close above.

support - 458.00

454.00

resistance - 471.00

483.00

Check out the Corn continuation chart:


July SRW Wheat marked it's low 2 ticks below support after selling off about 20 cents from the high.

support - 600.50

597.50

resistance - 616.00

623.00


July HRW Wheat rallied 11.50 cents today, staying above support.

support - 626.50

621.50

resistance - 650.00

664.00


July Spring Wheat marked the high 1 cent above the 710 resistance price.

support - 707.00

700.00

resistance - 717.00-721.00

740.00-750.00


June S&P marked the low 14 points above 5122 support, and rallied about 64 points from the 5136 low.

support - 5085-5079

5032

resistance - 5130

5170


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