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Tech Guy Weekend Comments 5/4/24

July Cocoa completed the first leg of it's correction at 7000 even, then rallied about 300 points to a high of 8218 on Friday.

support - 7650-7500

resistance - 9600-9750


June Crude Oil marked the low 24 cents below the 78.29 support level, after selling off 1.50 from the highs.

support - 77.50

77.00

resistance - 79.70-78.00

80.75


July Soybeans marked it's low 5 cents above support, then rallied 19 cents to the 1216 resistance point.

support - 1202.00

1190.00

resistance - 1223.00

1240.00


July Soymeal marked the low 1.80 below support, then rallied past the 373.00 resistance area.

support - 366.50

361.00

resistance - 382.00

398.00-403.00


July Corn rallied 7.50 cents, almost touching the 471 resistance, then later correcting intraday to 3 ticks below the 458.00 support price.

support - 458.00

454.00


resistance - 472.00

484.00


July SRW Wheat marked it's low 2.50 cents above the 600.50 support level, then rallied 9 cents past resistance to settle on the lower resistance level which is now support.

support - 620.50

614.50

resistance - 632.50

641.00


July HRW Wheat rallied 25 cents, to within 1.50 cents of the 664.00 resistance level.

support - 648.00

644.00

resistance - 664.00

675.00-678.00


July Spring Wheat rallied as much as 15 cents to a high of 724.00, 7 cents past resistance, then corrected 10 cents lower to close at 714.50.

support - 708.50

698.00

resistance - 738.00

751.00


June S&P rallied to within 14 bucks of the 5179 resistance level. This is a large corrective pattern developing.

support - 4988

4930-4913

resistance - 5218

5260



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