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Tech Guy's Opening Calls 03/09/2022

May Wheat 40 to 60 lower

May Corn 1 to 3 higher

May Beans 1 to 4 higher

Crude oil corrected just past 62% retracement from the up leg (recent high) which began on Feb 25th with a huge capitulation of buyers who entered between price $110-$130. The volume was immense between 11:30 and 11:40 CST. The bottom line - I believe we do not see lower prices from here. The A-B-C has good structure as well.

If for some reason I am off on this, the uptrend line is solid support between $94-$92.

Watching trade since the crude oil opening tonight, buyers are holding it above $110. Some traders name the pattern it made today on the intraday chart - a Spike and Ledge - huge down thrust of selling which was met with strong buyers followed by a sideways "ledge". This pattern normally finds the ledge slowly marking higher lows until the buyers take control again.

Please see the 4 hour crude chart and 5 minute chart below. Note the volume spikes.


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