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Tech Guy Opening Calls & Crude Oil Comments 6/26/22

Sep Wheat - Steady

Sep Corn - 6 to 8 Lower

Dec Corn - 4 to 6 Lower

Aug Soybeans - Steady to 2 Lower

Nov Soybeans - 3 to 4 Higher

The August Crude Oil Market reacted last week like a supply glut suddenly hit the worlds storage facilities. I don't know for sure but I think it was mostly an overreaction and price will find a new balance point somewhere blow 120 and above 95.

Last week sold off in 7 waves last week - this is corrective/backfill action - 2 X 3 + 1 intermediate wave. The next move should be up to between 111-112.50, then some back and forth between 114 on the high side and 100 on the bottom. 95 would be extreme and I don't think it is in the cards.


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