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Tech Guy Weekend Update 5/7/23

July Wheat, Corn and Soybeans all marked, what appears to be, significant bottoms last week. This should be the start of uptrends on the daily and weekly charts which should last for weeks to a few months.

July Wheat featured the most convincing reversal by printing a low of 603 on Wednesday and closing up about 56 cents above that at 658.75 on Friday. The first nearterm target is in the 800-825 area, which is highlighted by the grayed out area on the July Wheat chart.

For the corn market marking a double bottom (W) on the July contract chart and almost a double bottom (W) on the front month corn continuation chart, we have upside projections based on the height of the W.

On the July Corn, the distance from the low to the high of the W is 131 cents. The high is around the price level of 705. To calculate the possible/probable potential, you add 131 cent s to the 705 price to get 836.


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