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Tech Guy Weekend Comments

From Thursday's March Corn Comments:

"The energy in March Corn has begun to be expressed with the wider range, therefore I expect more energy tomorrow in the form of a possible wider range than today."

In fact, Friday marked the largest daily corn range in 6 trading days and all those previous 5 days were inside Friday - it forms a bullish triangle because the close was higher than any of these previous days.

The March Corn energy continues to come unwound, as expected, and I anticipate some strong up days to follow. support is 677 and first resistance is 688. Hang on to your hats. This is Friday's corn chart highlighting the triangle of the last 6 days.

Also from Thursday's comments:

"These grains are literally coming unwound - like a slingshot."

2 weeks ago soybeans marked it's highest weekly close since last June. On Friday, the weekly chart marked a new high again and the daily March contract also made it's highest close since last June.

There is a lot of upside risk above the recent range of 1505-1548 on the daily continuation bean chart - very little resistance, if any, until 1700-1740.

The weekly soybean chart has a target of about 1850-1868 where I expect a climax top to occur, then a selloff back down to about the 1575-1530 area where I expect the fund buyers to take over again. The range that March soybeans are now trading in will be a support area in the future.

There is also some light resistance at 1563 for this weeks trading sessions and support is 1533. Let's see what Sunday night brings. Here is the daily continuation bean chart.

March Soybean Meal did indeed challenge last Friday's (1 week ago) high and actually made a higher high of 501 this Friday. The close was 498.90 and is the highest meal close in many years on the liquid continuation chart- It took 2 days after the Doji to rally back to the high.

In other words, there is no real resistance up above in meal and higher prices are more likely than lower, at this point. Support is 494.20, but this does not mean I think it will be reached. The all time high of 541.8 printed in 2012 is the next price target/resistance. Check out Friday's meal chart - it shows the 2021 and 2022 high for reference.

We will take a look at the weekly soymeal chart to see the 2012 price action and high, later in the week.

I had a feeling March Wheat might have a big up day, based on last week's price action, and indeed it did. This is the first outward evidence of the pent up bullish energy that has been building. Friday was an upside breakout and wheat's biggest up day since September 20, 2022 - 5 months ago.

Support is standing at 776 and the next target higher is 820 to 834, then I expect a backfill to 780 +/-5 cents for new longs to enter. From Roger's news, it sounds like something is brewing to keep wheat's energy flowing out. Here is Friday's chart.


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