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Tech Guy Weekend Update 12/24/23

March Corn traded in the smallest range day on Friday since 12/24/19, at 2.5 cents. 12/24/19 was also a 2.5 cents range. This was an energy building day, therefore Tuesday will likely be a range expansion day as energy is released - should be higher.


February Crude Oil marked it's high 28 cents above the 74.70 resistance and proceeded to sell off for about $1.30.

support - 72.10

70.80

resistance - 75.00-75.35

76.90


January Soybeans marked it's high 2 cents below the 1310.00 resistance.

support - 1293.00

1288.00

resistance - 1308.50

1323.00


March Soybean Meal rallied $4.0 to in between the 391.50 and 394.00 resistance.

support - 389.00

384.50

resistance - 394.50

402.50


March Corn consolidated and marked it's low at the 471.50 support.

support - 471.50

469.00

resistance - 476.00

478.00

483.00


March SR Wheat traded in a narrow range in between support and resistance, indicating similarly as corn, energy building.

support - 613.50

608.50

resistance - 624.00-625.50

631.00-632.00


March KC Wheat marked it's high 2 ticks above the 633.00 resistance, then sold off about a dime, marking the low 1.5 cents below the 623.50 support.

support - 619.25

617.50

resistance - 634.00

643.00-645.00


March Spring Wheat marked it's low at the 712.50 support level after selling about 5.50 cents.

support - 713.50

708.00

resistance - 723.00

731.50

741.00


March S&P traded in a fairly narrow range and wasn't able to complete a pattern that was to take prices down to 4740 because the market is too bullish.

support - 4790

4754

resistance - 4831

target - 4874


Because of the overall quiet market action on Friday, there is a better than 50% probability of some explosive action higher on Tuesday in all of these markets. Be prepared.

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