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Tech Guy Opening Calls & Comments 5/24/23

July Wheat - 1 Higher

July Corn - Steady

July Beans - 2 to 3 Lower

July Corn proved to be the strongest of the grains today, closing up +10.25 at 5.87.75. The stairstep-like chart structure adds stability to this new up trend. This type of market action takes care of the business of correcting a small bit at a time so bigger pullbacks are not as necessary. The corn sellers couldn't even test support at 571, as the eager buyers front ran the support level and bought them all up at 574 and higher.

Support will be between 574 and 571 for tomorrow and resistance is between 600 and 605. I will expect some sort of backfill from 605 - 612, maybe to 580. If not, look out above. The July Corn bulls seem to not be looking back (down) for now, at least.

Let's see what happens tomorrow and Friday. Memorial day weekend is known for market reversals, gaps, accelerations, etc. 612 is also the bottom of the daily continuation gap - this is an area of note (possible resistance) on the chart, as well. Check out the 4 hour July Corn chart again.

Here is the daily corn continuation for reference.

July Soybeans fleshed out the right shoulder of it's bullish head & shoulders today, testing support in the 1315-1317 level, and not trading lower. Therefore, there is more confidence that beans need not print a new low for the move.

Support should be 1316.50-1317.00 and resistance is the top of the triangle at about 1337-1338. Check out today's 30 min July Beans for a close up on the inverted head & shoulders and triangle that formed on the right. We need a breakout to about 1345-1350 to know for sure that the daily low is in.

July Wheat was in it's own world today, correcting about 17 cents and forming a small inverted head & shoulders on the 1 hour chart. I would say it is about 50/50 as to whether wheat will stay supported (keep the buyers) in the 600-605 area, or if a new low is needed for energy building (capitulating).

If a new low needs printing it should not be by much more than a nickel or so. Here is a zoomed in July Wheat chart.

July Crude Oil continues to steadily mark prices upward. It broke out above the top of the small triangle today, then found intraday support on the top of the ledge. Support is 73.25 and the next target higher is about 76.80. Here's the updated crude 4 hour chart, so you'll se what I'm saying.

The front month of Natural Gas is starting to creep higher. It broke out above a trendline recently, after trading sideways for 3 months. I have little knowledge on the fundamental side of this market, and how producers are affected by it, but wanted to share what I see. Talk to Roger about whether to take action or not.


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