Tech Guy Opening Calls & Comments 5/23/22
July Wheat - 2 to 4 Higher
July Corn - 1.5 to 3 Higher
Dec Corn - 1 to 2 Lower
July Soybeans - 1 to 3 Higher
Support for July Soybeans comes in between 1672-1667. After a 10 day rally and +138 cents higher, a few days of pullback (consolidation) is to be expected and is healthy for a bull market.
Also as expected, July and Dec Corn closed above Friday's high by 3-4 cents. This is the result of the previous 2 days of trading when energy was building up. 781 in July and 734 in Dec contract should function as good support in corn. Please see updated July Corn chart and note the size and color of bars. Red bars open higher/close lower. Green bars open lower and close higher:
July Wheat is gradually trading higher - holding the uptrend line. The gap around 1200 will be next resistance but I do not think it will hold prices down. Expecting prices to get up through 1200 fairly quickly. Please see the updated July wheat chart below:
The DOW futures was up about +649 on the day - up about +1700 from the low on Friday. We have at least a temporary low in stocks / maybe a long term one. Either way, the grains will not have to deal with down pressure from equities for the time being.
July Crude Oil update: closed near 110.29 today. Support comes in between 109-107. I am expecting it to trade higher - 116 next upside target which is about $5.50 higher.
116.43 is the July Crude contract high made in March. Let's see how it behaves in the 116 area before deciding if it is strong sell place or a good idea to hold for higher prices. ..
To me it goes without saying but if you have any questions please email Roger and he can forward it/them to me.