Tech Guy Opening Calls & Crude Oil Update 5/15/22
July Wheat - 20 to 25 Higher
July Corn - 2 to 4 Higher
Dec Corn - 5 to 7 Higher
July Soybeans - 1 to 3 Higher
June Crude Oil has Been in a large trading range since making a swing low on April 11 at 92.93. On the chart there are 3 points along the bottom of the range and soon to be 3 points on the top.
It will either find resistance at 112 and correct some or spend some time working through the resistance line. If Crude goes up through, it should find support at 112 and trade up to 116-117 area.
Watch it tonight and tomorrow to learn some clues as to how it will play out. Please study 3 hour Crude chart below to see the big range and pivot points (swing lows and highs) and resistance levels. Remember when resistance does not hold, the area becomes support because price moved through the level in question - 112 in this case.
This chart includes the first hour of trading tonight - price is up +0.74