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Tech Guy Opening Calls & Comments for 8/24/22

Sep Wheat - 1 to 3 Lower

Dec Corn - Steady to 2 Lower

Nov Beans - Steady to 1 Lower

The low/bottom in Sep & Dec Wheat is confirmed today. The Sep contract could only sell off to 775 this morning - after that, it did an about face and rallied back to 795. Direction is up.

As expected Dec Corn and Nov Soybeans corrected a few pennies off Their highs. This sideways action should continue through Friday - between 667-648 in Dec Corn and 1480-1442 in Nov Beans.

I want to show you the Sep Corn chart to you because yesterday's upside breakout is easier to spot - the price action here has been a bit stronger than the Dec contract. The red arrow highlights the upside breakout where the corresponding high volume bar is at the bottom of chart.

Oct Crude Oil update: As you will see on the daily continuous contract, oil found support on the uptrend line which began in April 2020 (at the beginning of the up move). Red arrows denote the price supports on this line. The last several days shows how it marked a base on the trendline. Crude will most likely sustain a rally for weeks from here.

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