Tech Guy Opening Calls & Comments 6/6/22
July Wheat - 8 to 11 Lower
July Corn - 2 to 3 Lower
Dec Corn - Steady to 1 Lower
July Soybeans - 1 to 2 Higher
From last Wed (6/1) Comments on wheat and corn: "We will need for July Corn and Wheat to hold today's lows - Corn - 720.5, Wheat - 1027.25, to have confidence that today was capitulation (longs giving up). And, considering today's mid-day volume spikes, this should be a fact."
We have confirmation today that the July Corn and Wheat and Dec Corn lows are in for at least a couple weeks - nice rallies today (corn up +16, wheat +57). I am expecting follow through buying all this week.
From Saturday's comments on beans: "It is constructive that beans stayed above the blue uptrend line." Today July Beans tagged or touched the blue trendline. Remember, Friday beans stairstepped down and I said to expect for it to stairstep back up?
Please see the 15 min July Soybean chart below with the same blue uptrend line and the horizontal red lines. Also notice the blue lines going up/to the right (that is a bump) above today's action showing the expected path over the next 2 days.
July Crude Update: from Saturday's Comments on crude: "There may be a good short (sell) Sunday/Monday in the 122 area for a move to 118-116." The range turned out to be 120.99-117.63. I am fairly confident today's low holds for higher prices -looking for about 124 above.