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Tech Guy Opening Calls & Comments 9/19/23

Dec Wheat - 1 Higher


Dec Corn - Steady


Nov Beans - Steady to 1 Higher


From yesterday's November Soybean comments:


"The lower line comes in at 1309 for tomorrow's price bar and I expect the fund buyers to defend this level." The funds overshot the the lower triangle line by 1 penny so they could pick up a few more longs from sell stops being triggered.


Also, the day bar chart painted a small green Doji. In general, when you get a Doji day after a leg has been propagating for a while, where you expect a turnaround from a support or resistance level, this gives added confidence that the day is indeed a pivot.


Support in November Beans should be 1310 for tomorrow and 1333.75, last Wednesday's low, is resistance. Here is the current daily bean continuation with the triangle in blue lines. Last Wednesday's low is short red line.


From yesterday's December Corn comments:


"This tells me that the 469-468 level is a confidant low - The fund buyers will continue to defend price below 471.50." and "I am looking for corn to rally back above 473.50 and stay there - then we will have a confirmed fakeout/shakeout."


The smaller sellers went down one tick below the 2019 high of 468 in last night's trading session. The big fund money rarely but sometimes trades in the overnight session.


A good sign for the bulls came in the first 30 minutes of trading today, when the fund buyers rallied up to the 473.50 level. Next, price set back some marking a higher low, then rallied higher to 475.50 from 9:30 - 10, to remain above 474 all day.


Support is from 473.50 and 470 lower, for tomorrow - we could see 1 more small leg below 473.50. Resistance will be 480, then 484. I'm expecting higher close again tomorrow and if this occurs, we have a very solid bottom.


First is the 15 minute December corn chart for detail, then next, the daily bar chart for perspective.



Instead of marking a B leg rally to 598, December Wheat sold straight down to the 582-81 - lower support level. This probably indicates the wheat traders are going to mark a five wave/leg triangle instead of an a-b-c.


Remember that corrections can be an A-B-C zig-zag, or an a-b-c-d-e triangle. Support should be 582 to 578 (less likely). Check out the 1 hour December Wheat chart.


November Crude Oil corrected from about 92.50 down to 90.31 today. This means that 88, the 1 leg high point, is a possibility before more rallying. 90 could hold, just a bit less confident because 93.50 was not printed first. - let's see.


Here is today's Novie crude daily chart.


Here is an interesting web site on different chart patterns


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