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Tech Guy Weekend Comments 2/11/24

Cotton Update:


Cotton has been trading in a narrow sideways channel between about 90 and 77 for the last 12 months. This small range built a lot of energy for store. Friday was a breakout to the upside. I expect this break to continue upwards, releasing energy. 90.50-90.00 should be the area of support.


We can reasonably expect a rally which lasts for 9 to 15 months. There is a gap at 102 which will cause prices to pause temporarily, then the next resistance is 125. After this a correction, then a probable continuation of the up trend to 145-160 or higher over the next year or so. These prices are for the front month.


March Crude Oil rallied past the 1st resistance level of 77.00 by 29 cents.

support - 76.00

75.50

resistance - 77.70

79.25


March Soybeans faded down to 2 ticks above support at 1181.00 on Friday.

support - 1182.00

1179.00

resistance - 1194.00

1205.25

1223.00


March Soymeal marked it's low 2 bucks below support at 343.00, then rallied about 6-7 bucks.

support - 345.50-344.00

338.00

resistance - 354.50

363.00

367.50-370.00


March Corn marked it's low 3 ticks below the 429.00 support, after selling off 8 cents from the 437.00 resistance level.

support - 429.25

418.00

resistance - 437.00-439.00

446.00


March SRW Wheat marked it's low 1 tick above support of 587.75, then rallied 17 cents.

support - 596.00

588.00

resistance - 606.50

618.00


March HRW Wheat rallied 16 cents from a low 1 tick below support to a high 1 cent above resistance of 610.75.

support - 599.50

594.00

resistance - 612.00

621.50

627.00


March Spring Wheat marked it's low directly in between the 2 support levels, then rallied 13 cents to above 1st resistance.

support - 682.75

680.00

resistance - 693.00

698.50

707.00


March S&P was too strong to reach the support level at 5003, and instead made the low at 5013. Next, it rallied to just shy of 5050.

support - 5034

5012

resistance - 5060

5100

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