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Tech Guy's Opening Calls 03/07/2022

First of all, WTI crude oil traded to $130 earlier this evening and is at $125.85, up $10 plus now.

Daily trading range has been increased for Soft Red and Hard Red Winter Wheat to 85 cents. If either settles at the 85 cent limit up or down, Tuesday's daily limit will be $1.30. Thanks to Allen Gard for that information.

CBOT May Wheat 80 to 85 cents higher May Corn 5 lower to 10 higher May Beans 7 lower to 5 higher


Tech Guy's Comments: May corn completed a 5-day leg-up (5 consecutive days with higher settlement prices each day) on Friday at $7.82¾ with a correction down to $7.34 briefly penetrating the uptrend line and then reversing up. Bullish! I expect $7.34-$7.17 support to hold.

 

May soybeans traded late last week mostly in a range oscillating around the 2021 high.

On Friday, the trade attempted to sell off below the sideways range and was rejected with peak volume at 10:50 CST at price $16.52. Anytime the peak volume occurs mid-session corresponding with a rejection spike, it points to an important low (or high).

The market made a slightly lower low at 11:06 CST at price $16.40, then reversed back up into the range. This tells us that the support below $16.52 is tremendous.

There is a quite a battle going on between buyers and sellers in the range of $16.98-$16.52, therefore, it will take some force to rise up again. When it does, I expect $16.98 to be good support.

Please see charts below which shows the range and attempted sell-off with a blowup on the 2 minute chart...



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