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Tech Guy Weekend Comments 2/24/24

For those of you following the cotton and/or cocoa markets, cotton is continuing it's push up to 100, then 125 and cocoa traded to within 100 points of the measuring gap target on Friday.


We may have 1 or 2 more push up day's in cocoa. On the other hand, if May Cocoa can't buy above 6400 on Monday, then a swing high is in place - you will need to watch it. The May contract will backfill to about 5300 minimum. At this juncture, we will have to see if new highs above 6450 can be had on another leg higher. Otherwise, a long term high would be in place.


April Crude Oil marked it's low about 75 cents below support.

support - 76.20

75.50

resistance - 77.75

79.25


March Soybeans fell through support and marked a new low for the move.

Roll to May

support - 1140.25

1130.50

resistance - 1172.00

1192.00


March Soymeal marked it's low about 3.50 below the 331.50 support level.

support - 330.00

328.00

resistance - 344.00

352.50


March Corn marked it's low 2.50 cents above the 396.00 support level.

Roll to May

support - 413.00

409.25

resistance - 421.25-422.00

428.50


March SRW Wheat marked it's low 1 cent below 573.50 support after selling off 20 cents.

support - 571.75

566.00

resistance - 592.50

600.00

605.50


March HRW Wheat closed very near the lower support number of 569.00.

support - 567.25

563.00

resistance - 580.00

594.00


March Spring Wheat marked the low below the top support number on continued weakness.

support - 634.50

597.00

resistance - 650.00

672.00


March S&P bottomed about 11 points below the top support, then rallied almost 30 points.

support - 5078

5060

resistance - 5138

5179

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