Tech Guy Weekend Comments 4/30/23

After testing the July 22nd, 2022 low of 574.25 on Friday, July Corn reversed back up as expected, and closed at 584.25. The most likely scenario moving forward is that the 572 low printed on Friday holds and a new rally begins.

As stated earlier, Thursday's and Friday's selling accomplished several downside objectives, including a double bottom, so that the bulls will have a good chance at gaining a foothold moving forward.

As shown on the July Corn daily chart, the next upside objective will be between 650 and 660. Here is Friday's chart showing the green doji-like bar.

Another corn market feature from Friday is that the May/July spread continues to rally towards the high of 53 made a few trading days ago. May is going into the delivery period, so if they're buying May, somebody needs physical product now. This indicates bullish demand.

Also, as expected, September Soybean Meal and July Soybeans marked out reversal day's to the upside during Friday's session. July Beans actually printed a key reversal bar - Friday traded lower than Thursday, reversed up and closed higher than the previous 3 day's closes!

The continuation soybean chart marked a double bottom pattern. Both September meal and July beans should be bottomed out and starting new up legs. Here is the meal chart first, followed by July beans, then continuation beans - all daily charts.