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Tech Guy Weekend Comments 6/16/24

July Crude Oil marked the high 20 cents above the 78.95 resistance level, then it pulled back about 65 cents. The last 3 days have been a consolidation in a larger uptrend.

support - 78.30

77.65

resistance - 79.35-79.60

80.60


July Soybeans marked it's low 2 cents below the 1180 support. Beans should not have to re-test last week's low.

support - 1178.00

1176.50

resistance - 1193.00

1205.00


July Soymeal marked it's low 3 ticks above the 365.00 support price, then rallied 7 bucks.

support - 365.00

359.00

resistance - 373.00

379.00


July Corn sold off to test old support at 448.50, but this lagging should be short lived.

support - 448.00

444.50

resistance - 459.50-460.50

463.50


July SRW Wheat marked the low 1 cent above the 610.00 support, after selling off 12 cents from the high. Wheat continues to look like it's forming a broader bottom after the extended correction.

support - 611.00

605.00

resistance - 623.00

627.50

July HRW Wheat marked it's low 2.75 cents below lower support of 628.00, and continues to lag Chicago wheat.

support - 623.50

621.00

resistance - 640.00-641.50

648.00


July Spring Wheat is the weakest wheat contract as it is violating support the most. The odds are increasing that Spring Wheat will test the April low of 635.00

support - 646.00

638.50

resistance - 667.00

677.00


The Sep S&P looks to have completed a triangle (5 wave) correction the last 3 trading days, in a larger, strong uptrend.

support - 5420

5396

resistance - 5455

5600-5625




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