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Tech Guy Opening Calls & Comments for 10/4/22

Dec Wheat - 1 Higher

Dec Corn - Steady

Nov Beans - 1 to 2 Lower

The Dec Wheat contract backfilled to the upper neckline support today in the 907 to 898 area. I expect this support to hold. I f not, 850 is a less probable scenario. There is an upper target from an old swing point (bump) on the left side of the chart coming in about 1084.

There is a target above that at 1154 which is derived/calculated from measuring the head (725.75) up to the July 10th swing high at 940.25 to the left. That distance is 214. Then you add 214 to 940.25 to get this projection. Please study the updated Dec Wheat chart for the visual details.

The timeframe for the 2 upper wheat targets 2-4 weeks - this is a rough time estimate.

700 still serves as resistance on Dec Corn and support is now is 671. Today's price action was a small Doji-like day - This is to be expected when trade is caught in a small range.

Nov Beans had a modest up day (+8 cents) to close about 1383.25 - this is around 22 cents up from the low. The most probable course for beans is to keep working up to that 1430 area where resistance is located.

Stocks, metals and the Dec Eurocurrency (opposite US Dollar) all had large up days again - bullish macro environment. These should all continue higher with modest corrections/pullbacks during this leg up.

Nov Heating Oil has been working higher in sympathy with crude the last few days. A small upside down head and shoulders pattern is forming on the chart - then there are upper targets in a bigger pattern between 3.8000-3.9000 - today closed about 3.5216. You will see what I talk about on the Nov Heating Oil chart below.

Here is the Dec Silver chart going back to June 1st. You can see the huge rally going on - on the right side of the chart, amidst a lopsided upside down head and shoulders pattern. Silver has bought up over $3.00 in

($1.70+ yesterday) 4 trading days. The silver contract is 5000 troy ounces and is measured in dollars per troy ounce where 1 cent move = $50.


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