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Tech Guy Opening Calls & Comments 9/25/23

The cover photo is the CBOT grain pits after paper cleanup in the 1960's

Dec Wheat - Steady

Dec Corn - Steady to 1 Higher

Nov Beans - Steady to 1 Lower

The 474 support area in December Corn was tested and held again today, as we suspected it would. The big traders don't mess around. To say they are on a mission would be an understatement.

Corn also managed a green up day as we thought it would, closing up +4.50 on the day at 481.75. It looks like an upside breakout from the small daily triangle. Therefore, I don't believe it is necessary for corn to re-test 474 again.

Support now should be 478-477 and resistance is from 482-484, 490 and 499. Like I mentioned earlier, there is a lot of traffic for December corn to wade through until it reaches the 500-505 areas.

Here are both the daily and 2 hour corn charts so you have some perspective. 474 has become a solid base for a rally to build.

December Wheat was the strongest one today closing up +9.75 to 589.25. It turns out that the 570 level was not tested again, and last Thursday marked a higher low at 572.75 around the time we were comparing KC Wheat.

Check out the 2 hour wheat chart from today - support should be 580, and resistance is 596 and 608.

Although November Soybeans only closed up +3.00 on the day, it closed 15 cents above (1299.25) the low of 1284.5 - it's a good looking rejection of the 1283 level, which is the August 8th low.

I don't know for certain, but beans should not have to test today's low again. Support will most likely be 1294, and light resistance is 1300 (near the close), and 1327 above that. Here is today's 2 hour November Bean chart featuring the spike low and reversal.

The continuation soybean oil chart marked a fierce test of the August 8th low today. The volume was spectacular, telling us that today could very well be capitulation and a swing low that starts another up move.

Here is the 2 hour bean oil chart so you can see the volume and test.

We are looking at a zoomed in continuation crude oil chart today, to better see the detail going on with the current correction. It never made it down to the 88 support level and was rejected beforehand by the buyers.

I believe the 85 support is off the table. You will see the higher ledge that's been working since the 88.37 low last week. There is supply/demand up pressure within the ledge, and for that reason, I believe crude will work higher from here.

The correction is most likely finished and the recent swing high of 92.43 should be targeted now. You will see what I'm saying on the 4 hour November Crude chart.

If by chance crude needs to mark another little down leg, it will be a sharp down and back up to 91.50, but I'm leaning that 88.50 holds support.

Here is an article about volume and open interest from Investopedia.

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