Tech Guy Opening Calls & Comments for 9/1/22
Dec Wheat - 1 to 2 Higher
Dec Corn - Steady
Nov Beans - Steady to 1 Lower
One matter I have not addressed yet in Dec Corn is the retracement levels. The sell off from last May till the low at 562 marked in July was $2.04. The 50% back up level is 662 and the 62% back up price is 688.
It's perfectly reasonable for corn to have found some resistance and price balance in this region - just below the 62% and above the 50%. Dec Corn made a high on Aug 24th at 671 and a higher high on Monday of this week at 683.75.
These retracement levels provide the Dec Corn market some supply/demand balance.
I previously overlooked this information. Realizing this, corn might need some time to acquire more bullish energy. I don't expect Dec Corn to backfill below 642.75 which is the low of the Breakout bar which occurred on Aug 23rd. Today's low was 654.
Nov Soybeans traded to a low of 1390 today right on the lower triangle support line. I will be concerned for the bulls if it trades below 1375.
Dec Wheat traded down to close the gap up from Monday this week at 792.25. This area should attract fund buying.
Oct Crude Oil is having trouble creating buying pressure - It sold off to test the weekly/daily up trendline near the 88.25-85 area over the last 3 days. This is still a good long term support area as you should see on the Crude continuation Daily chart.