Tech Guy Opening Calls & Comments for 8/16/22
Sep Wheat - Steady to 1 Lower
Dec Corn - Steady to 1 Higher
Sep Beans - 4 to 5 Lower
Nov Beans - 2 to 3 Lower
The thing I have for you today is Sep Corn made a successful 2nd test of the uptrend line forming the basing pattern and it also filled the most recent gap below. There are notes and red arrows on the chart showing this.
Sep and Nov Beans support from yesterday failed and they found another level of support - Nov at today's low of 1376 and Sep at 1477.75. Also it appears Sep Beans is forming a new right shoulder after marking a higher right neckline on Aug 10th (the most recent swing high). Look at yesterday's Sep Bean chart and I believe you will picture what I'm saying.
The theme for both corn and soybeans is higher highs and lows on the 2 and 4 hour charts - the trend is up until and unless this fails to continue this week.
The saucer bottom in Sep and Dec Wheat is continuing to fill out on the right side with higher lows.