Tech Guy Weekend Comments 3/29/25

May Crude Oil marked it's high 9 cents below the 70.20 resistance level, then sold off about 1.20 from high to low. The low 2 minute bar traded immense volume, therefore odds are good the correction is complete.

support - 69.00-68.85, 68.50

resistance - 70.20 - breakout higher, 70.65, 71.25 - targets

May Soybeans rallied 5.50 for the day and closed 1 tick above the 1022.00 resistance. This follow through buying confirms the new up move.

support - 1017.50, 1009.00

resistance/targets - 1032.50, 1037.00

May Corn traded what most technicians call a key reversal higher - during the day it traded to a lower low, then buyers took over and it closed higher and settled 2 ticks above yesterday's high. Odds favor a new up move starting.

support - 450.00, 447.00

resistance/targets - 461.00, 466.00, 470.00

May SRW Wheat traded below support, but closed above it. Therefore the jury is still out on direction.

support - 522.00, 517.00, 513.00

resistance - 533.00, 537.00, 545.00

Both KC and Spring Wheat capitulated with dramatic down days and heavy volume on the low bars. Let's see if we get follow through buying.

Google AI overview of the meaning of capitulation: In finance, market capitulation refers to a period of extreme panic selling where investors, driven by fear of further losses, sell their holdings at any price, leading to a sharp and rapid decline in asset prices. 

Some Chinese facts:

China has two classes of soybeans. Number 1 soybeans are soybeans produced in China. Number 2 soybeans are imported soybeans. That is the only difference. When the government offers government owned grain and beans for public auction, the commodities offered for bids are always imported commodities. Auctions are scheduled when domestic prices get high enough that the natives become restless. Auctioned supplies are always replaced with more imports.

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