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Tech Guy Weekend Update 5/28/22


July Corn update - From Thursday "July Corn and Wheat are struggling to find a bullish foothold. However I maintain my stance that they are trying to turn up again. In July Corn there is extreme indecision/ energy building up for a healthy move".


From now: July and Dec Corn had solid up days yesterday, confirming the Wed/Thur. swing low. Please see updated July Corn chart below for 1st upside price target and a reminder that June 16-17 is the next time target.


July Soybeans paused between 1723-1744 for most of the session. Once an upside target is reached (1723) it tends to become support - even if it's only 1 day. Be patient with Tue & Wed trade - let's see what develops. I'm expecting a test of the Feb 24 high (weekly chart) at 1765 with very little resistance. Yesterday was a spectacular day - a huge amount of momentum was created.


July Crude Oil next target is still 119.65.


As I anticipated, the stock market rallied (removing down pressure) this week. For those interested, the correction down from the early Jan high is most likely over and The June DOW is up another +1325 to (33,237) from Mon close .The next target up is 4600 in the June ES futures / 35750 in June DOW futures.