Tech Guy Opening Calls & Comments 5/26/22
July Wheat - 5 to 10 Lower
July Corn - 1 to 2 Higher
Dec Corn - Steady to 2 Higher
July Soybeans - Steady
From yesterday: "July Soybeans finally closed the intraday gap at 1672.25 and traded down to 1665.50 where the fund buying kicked in. I anticipate further buying to 1707, 1723 and eventually beyond".
I didn't realize "beyond" would be today. That is why we plan ahead. Markets have their own clocks where time, as well as price, is pushed and pulled along (compression/expansion). The beans passed both upside targets today on serious fund buying.
Now the 1723 level should now function as support. What Roger reported earlier plus the technical picture is very bullish. It can be dangerous to be too bullish, but I have to say don't get in the way of this UP momentum.
The volume in July Soybeans today was literally double the average volume during the entire month of May. It was about 90,000+ today. All other days. the next highest volume day was about 46,000!! High volume with a big move equals bullish. Also today was the largest range of prices (low to high) since the June 30 2021 stocks/planted ac. report.
Memorial Day weekend (the Mon night open - specifically) can be squirrelly/crazy in the Soybean pit. Extreme moves can occur either up or down. I will not be surprised to witness a gap on Mon night.
July Corn and Wheat are struggling to find a bullish foothold. However I maintain my stance that they are trying to turn up again. In July Corn there is extreme indecision/ energy building up for a healthy move.
There have been 3 doji's in the last 6 trading days - Remember a doji bar is the opening/closing almost identical - The little hashmark on the left and right of vertical bar is the open/close - tension is building. Please spend some time looking at the July Corn chart.
July Crude Oil update: Broke out to the upside today. We are near the March high (116.43) but the next tech target is 119.65 - a swing measure target relative to the previous up leg. It is trending up and I don't see a climax/blowoff (trend ending event) today. We will see what happens tomorrow/Tues. Maybe the up move ends then.? We have to wait.