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Tidbits, Key Reversal, Meal Puts, Wheat Harvest, Markets & Rain Days Update 7/15/23

Highlights


A daily “key reversal” higher is created when a price makes a new low for the move and then closes higher than the previous day’s high. It is a very bullish technical indicator. If the day’s opening trade price is higher than the previous day’s settlement before making the new low that day, it is even more bullish.

A weekly “key reversal” higher is created when a price makes a new low for the move and then closes higher than the previous week’s high. If the week’s opening trade price is higher than the previous week’s settlement before making a new low for the week, it is even more bullish.

Weekly chart action is a more reliable predictor of market action than the daily chart action. It makes sense since any weekly performance is a better indicator for everything than daily action.

Nothing is 100% in this business, but December corn, on its weekly chart, had a key reversal higher this week. Take a look at the weekly price chart.

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