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Tech Guy Opening Calls & Comments for 8/31/22

Dec Wheat - 2 to 3 Lower

Dec Corn - Steady to 1 Lower

Nov Beans - 1 to 2 Lower

December Wheat chart analysis: Notice the sideways channel wheat was trading in before the fakeout selloff. This is a charting lesson - notice how the bumps on the left affect the price action on the right. Red arrows highlight the points of affect and inflection, support, resistance and consolidation areas.

Also notice the supply/demand lines - the swing highs they go across on the left and how the right side of the chart responds. This will take some time/work from you - of looking at the details on the Dec Wheat chart - but it is worth it if you can begin to see the connections.

The basic charting law is - everything on the left side of the chart affects everything (bumps, market turns, inflections, etc.) on the right side of the chart. Folks who can see this and begin finding where to draw lines - have mastered the most important part of chart analysis. The top right red arrow is the next place you look for Dec Wheat to trade and backfill a little.

Please email Roger if you have any questions about this chart or what I am trying to communicate.


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