KC July Wheat - Steady
July Corn - 1 Lower
July Beans - Steady to 1 Lower
Chicago Wheat, corn and soybeans each marked higher lows today after their key reversal days yesterday. This is what you want to observe when you believe a solid swing low has been marked.
Then tomorrow, we are going to anticipate higher highs, as well. Here is the July Corn 2 hour chart demonstrating the higher low today. If you will notice in corn that the higher low marks out a right shoulder, also. Inverted head & shoulders are always pointing up, meaning higher prices are likely.
Although July KC Wheat did not technically have a key reversal day yesterday because price did not print a new low, it was nevertheless a powerful reversal up day. The pattern KC Wheat is rallying from is a triple bottom - a series of 3 lower lows.
There is a measuring gap to the left which will cause some resistance, but it should only be temporary (causing a bump), then KC should continue to rally up to 920 for a first target. Remember the chart rule - straight down on the left = straight back up on the right (current).
Check out the daily July KC Wheat chart. You will see what I'm talking about.
Live and Feeder cattle have both confirmed that there tops are in place. This is the June Live Cattle chart showing that price broke down below the low with the red arrow yesterday and then found that low to be resistance today - this is the essence of technical analysis.
Check out the Live Cattle Chart. The first target below is the 157-156 area.
May is still the front month for feeder cattle because of the way delivery is handled. Take a look at the chart with the downtrend that has begun.
As anticipated, June Crude Oil tested the low at 64.36 and bounced up from there. First resistance will now be 72.50 level. Here is the updated crude 4 hour chart.
Comments