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Tech Guy Opening Calls & Comments 9/14/23

Dec Wheat - 1 to 2 Lower


Dec Corn - Steady


Nov Beans - Steady to 1 Lower


December Chicago Wheat corrected about 5 cents today. On this morning's opening bar, the sellers tested yesterday's overnight low of 584.75 and it traded to 583.50, taking out a few sell stops in there.


You will see the long green bar that is labeled 8am, where the bulls ran price up to 597.75. There is a lot of traffic (bumps/support/resistance) between today's low and 620, so the trade will be bumpy until this price is cleared.


Support for tomorrow should be about 588, then 583, where the lower blue line is, and first resistance is around the 601-602 price. After that, upside objectives are 611 and 620-621.


Here is the current 2 hour December Wheat chart. After the dramatic flush out of longs on the report data, the momentum is now for higher highs. After the whales (largest traders) decide a low is in place, they will keep defending support areas with buying volume.


December Corn is also wading through a lot of bars on the chart - swing highs and lows to the left. The sellers flushed out a few longs on the 9am bar this morning (red arrow), then the strong buyers rallied for a new high for the move (green arrow).


Next, corn backfilled somewhat and marked a higher low near the 480 handle. There are several lines drawn on the chart so we can determine where the inflection points will likely be.


The picture has a small triangle in it, to communicate that more energy is building. Similar to wheat, December Corn has bumps to get through before we see some more impressive rallies.


First support should be near 480, then lower at 478, near today's low. Resistance stands at 486-487, then 491. Check out the price bars and lines on the 1 hour December Corn chart.


Here are 2 articles from schoolstockcharts - about support and resistance, and trendlines, if you have time.




November Soybeans marked a modest up day today after yesterday morning's selloff drama. So far, 3 waves have formed (2 up legs connected by a correction). Actually, 3 is still in progress, because 3 can't be shorter than 1.


Support should be at 1355, the 1 point high, and resistance should fall near 1373, which is the D point in the old, larger corrective wave to the left. Here is the current 1 hour November Bean chart.


October Crude Oil hit the 90 target today. Next in line should be 93.5, then 99-100. Look to the left of the chart - there are no bumps in here, so price has little reason to pullback yet.


Support is about 88.00 for tomorrow, and the next swing high on the left is 93.74 (target), therefore a correction will probably occur from there. Check out the daily crude chart.


If you have charting software, begin drawing trendlines on your charts, if not doing it already. Keep it simple.


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