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Tech Guy Weekend Update 4/21/24

Most commodities had wild rides on Friday due to unsettling world events.


May Crude Oil traded up to resistance, then reversed down to the support levels.

support - 81.90

80.30

resistance - 85.75

87.75


May Soybeans rallied to about 10 cents, to within 2 cents of the 1st resistance.

support - 1145.00

1143.00

resistance - 1155.50

1163.00

May Soymeal rallied to 3 ticks above the upper resistance level at 345.50.

support - 342.00

339.00

resistance - 347.70

352.50


May Corn rallied to within 2 ticks of the 434.50 resistance level.

support - 432.50

431.00

resistance - 437.50

446.50


May SRW Wheat rallied on Thursday night to 3 cents above the 555.00 resistance.

support - 545.50

540.00

resistance - 561.00

568.00


May HRW Wheat rallied to about 3 cents above the 589.00 resistance level.

support - 579.50

574.00

resistance - 592.50

597.00


May Spring Wheat rallied to about 2.75 cents above resistance of 647.50.

support - 644.00

640.50

resistance - 652.00

663.50


June S&P marked the low 9 points above the 4952 support level, after selling off about 88 points.

support - 4986

4950

resistance - 5095

5179


Note on cocoa - Above average volume with a near doji bar at new highs on Friday is a warning that a temporary top is likely to be in place. A correction to 8700-8600 would be reasonable over the next week or 2.



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