Tech Guy Opening Calls & Comments for 7/20/22
Sep Wheat - Steady to 1 Higher
Sep Corn - 1 to 2 Higher
Dec Corn - Steady to 1 Higher
Nov Beans - 3 to 4 Higher
Today Dec Corn had an inside/narrow range 7 day. As you know, corn has been consolidating / contracting / building energy the last few days. Today's bar was even more constrictive - The range was smaller than yesterday's and smaller than the previous 7 trading days.
Based on the contracting going on the last few days, tomorrow should be a range expansion day - a breakout from this small range and breakout from the triangle - it should be up based on other chart data but that is not guarantied.
...or Dec Corn could fakeout to the downside for a few cents and then reverse back up. The 567 low (July 6th) is solid weekly support, so if corn trades near there, fund buyers should come in pretty strong and reverse the price up.
Please see the chart blowup of Dec Corn below and I think you will be able to see in your mind's eye the inside day part and the narrowest range of the previous 7 or more days part.
It doesn't seem like corn or soybeans have been trading the threatening weather and forecast lately. The 6-10 day is now less threatening, so will they trade the forecast now? I don't know. Let's see how tonight and tomorrow trades.
Sep Crude Oil Update: Oil is stuck between 98 support and 101-103.50 resistance. It looks like it is building energy to go higher but I want to see it trade to 103 and also see how it behaves there.