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Tech Guy Opening Calls & Comments 5/20/24

July Wheat - 0.75 Lower


July Corn - Steady


July Soymeal - 0.20 Lower


July Beans - 1.25 Lower\


July Crude Oil marked it's low 24 cents below the 79.00 support level, then rallied 16 cents past resistance from 79.95.

support - 78.93

78.60

resistance - 80.15

81.50


July Soybeans marked the low 2 cents below the 1226.00 support price, then rallied 24 cents low to high, closing at least a dime above the 1238.00 resistance/breakout price. Once price clears 1257.00, I expect the buying impulse to take us up to 1309 (gap), and 1325, which is an old continuation chart swing high to the left.

support - 1240.50

1233.00

resistance - 1257.00

1307.00 - bottom of gap


July Soymeal marked it's low 1 tick above the 365.50 support, then rallied 9 bucks.

support - 373.50

372.40

resistance - 382.00

390.00


July Corn marked the low 1 tick above the 452.00 support on last night's open, rallied 11 cents , then closed right at old resistance of 460.50.


July Corn has completed 2 up legs with 2 corresponding corrections (4 waves). Therefore, wave 4 (correction) of the buying impulse is complete, and 5 began today. The 2 up legs were close to equal length of 40 cents each, and 2-3 weeks in duration. Therefore, we can look out 2-3 weeks from today as a guide.


Because of the law of alternation, wave 5 should be a 1.5 or 1.62 times extension of wave's 1 and 3 (about 40 cents). Wave 1 and 3 were equal in length, so an extension is due. 1.5 times 40 = 60, 1.62X40=65, therefore our next impulse target is 511-516. Also, there are old highs to the left near 515, as you will see below.

support - 459.50

457.50

resistance - 466.00

475.00

Check out the July corn chart.


July SRW Wheat gapped up above support on last night's open, then rallied 36.75 cents on the day, closing 9 cents above the first resistance.

support - 681.50

676.50

resistance - 697.00

720.00, 780.00 - you see this correctly


July HRW Wheat opened 3 cents above the 659.00 support and never looked back, closing up 34 cents. This was above the 2nd resistance.

support - 692.00

689.00

resistance - 710.00

765.00

Regarding soft and hard wheat, the forecasted price levels are usually closer in one of them vs the others, on any given day. I usually forecast at least one of them very closely. Therefore, if you're doing business in any of the wheats, keep track of all the levels for your benefit.


July Spring Wheat marked the low on the open 1 cent above support, then rallied 32 cents low to high. The high was 1 cent beyond the 742 target.

support - 733.50

729.00

resistance - 748.00

767.00. 789.00


June S&P opened above support, remained above it, then rallied 20 bucks to the 5349 resistance.

support - 5320

5305

resistance - 5350 - breakout

5394



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