Tech Guy Weekend Comments 10/20/24

December Crude Oil exhibited very strong buying on Thursday, yet it slipped to lower lows on Friday by about 60 cents, with more buying on the spike low, then closed a few ticks from the Thursday low. It appears to be taking it's time building a broad bottom formation for a rally up to 75.00

support - 68.55

6785

resistance - 70.65

71.40

November Soybeans marked the low 2.25 cents above the 967.00 support level. It looks like beans are trying to mark a triple low, which would bring price down to 968.00-965.00

support - 968.00-965.00

960.00

resistance - 995.00

1005.00-1008.00

December Soymeal marked it's low 8 cents below the 316.00 support price, after selling off about 8 bucks.

support - 315.00

312.00

resistance - 318.50

323.00

December Corn marked it's low 2 ticks above the 403.25 support level, after selling off 5.75 cents high to low. Corn has formed a bullish inverted head and shoulders pattern on the hourly chart. The right neckline is higher than the left - marking new highs. This indicates the buyers are more interested now, than before.

support - 403.75

401.00

resistance - 409.50

415.00

See the corn pattern:

December SRW Wheat closed 3.00 cents below the 576.00 support level, after selling off almost 25 cents from the high. There is a probable broadening bottom pattern forming - a series of 3 lower lows and 2 higher highs - it resembles a megaphone, and is indicative of the bears and bulls fighting more furiously with every leg. Also, the 5 minute chart looks like it formed a saucer bottom - saucer shape with lower lows descending, followed by higher lows.

support - 570.50

564.00

resistance - 590.00

596.00

Check out the broadening bottom on the soft wheat chart:

December HRW Wheat printed it's low 2.00 cents below the 582.00 low, after selling off 23.00 cents high to low. Hard wheat also has marked the successive longer legs on the hourly chart.

support - 579.00

571.00

resistance - 598.00

603.00

December Spring Wheat made a new high for the move, then reversed down to test old support at 616.00.

support - 615.00

603.00

resistance - 630.00

637.50

The stock indexes continue their strong up trends, with the DOW printing new highs on Friday.