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Tech Guy Opening Calls & Comments 7/27/23

Sep Wheat - Steady to 1 Higher

Dec Corn - Steady

Nov Beans - Steady to 1 Lower

The corn charts are giving me fits. There is a swing high to the left and an evening partial gap up to the left that corresponds with a swing high on the left side of the chart which is about 5 cents down from today's close.

Because it's an intraday (not a full gap) gap I wasn't paying it much attention. However, because December Corn is taking more time in the backfill, the gap could be acting as a gravitational pull.

Support in December Corn is from 542 down to the gap fill at 537.75. Take a look at the December 2 hour chart and you will see the gap and swing high to the left.

September and November Soybeans both sold off down to support today. The November contract dropped right on to the neckline of the inverted head & shoulders at 1396.

The September contract sold off to test an uptrend line that began on July 12th at 1452. These support levels should hold. However, if the bears are too hungry, there was a gap up on Sunday night sitting in the 1430 area basis September that may need to be filled - I believe this is a measuring gap, so let's see how it plays out.

I missed this probable break-away and measuring gap up on Sunday and Monday because I was focusing on the November chart. This gap up gives us a longer term (weeks to months) projection of 1765.

Check out the September 1 hour chart first, followed by the November daily - please note the neckline on Novie.

The lower support line in September Wheat held up price again today and today's bar was a higher low. This area should be a good base for another up leg in Wheat. I suppose the wheat bulls are waiting for more problems to crop up in the overseas grain corridor. Here is today's September Wheat chart - note the support lines again.

September Crude Oil made it's way higher, up through a resistance line today and closed above it at 79.82. If a correction is in order now, support is from 77.30 to 76.90.

Either way, 84.00 remains the next target higher. Check out the updated 8 hour crude chart.

The September Eurocurrency reversed down hard, along with the stock market on the rate hike news today. I'm hoping and thinking this is temporary price action. Let's watch what happens tomorrow.


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