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Weekly Grain/Livestock Update 10/24/24

Weekly Grain/Livestock Update 10/24/24
Photo by Dan Renco / Unsplash

OVERVIEW

November Soybeans didn't make a new low on this setback from 23.6% at 1055.00 and had only one close below 78.6% back to the 8/16/24 low at 980.00. This could be the start of the next Bull run. The short term target remains at 78.6% the other way based on the ONE44 78.6% rule.


Soybean Oil has alternated days above and below the 42.35 (38.2%) swing point last week and a half and now has 4 closes above it. The short term target remains at 46.20 (38.2%).

Soybean Meal has failed to make a new low, so far after hitting longer term retracements between 344.00 and 351.00. It is currently holding 78.6% back to the 8/14/24 low, provided it continues to hold it can be the base of the Next Bull run, per the ONE44 78.6% rule.

March Corn failed to make a new low after getting back below a 38.2% and 23.6%  longer term retracements at 443.00. The setback hit 78.6% back to the 8/26/24 low at 414.00 to the tick. This can also be the base of the next Bull run. The short term target remains at 78.6% the other way.

December Wheat spent all of this week below the 580.50 swing point for the week, however it didn't get any follow through and held the 566.75 major Gann square. Provided it can get back above 580.50 the short term target is a new high for this leg up.

December Hogs held the 76.67 major Gann square and swing point for the week (76.80 low) and has now hit the target area of 61.8% at 80.35 and the 80.78 major Gann square. A setback from here can be a big one (ONE44 61.8% rule), but as always we will watch all the retracements on any setback to see just how weak, strong the market is regardless of the longer term target.

December Cattle has now traded at 78.6% back to the 3/14/24 high (187.70) for almost all of October.This level will again remain key for the next week.


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Being this is a weekly update we give all the key levels to watch for the week using Fibonacci retracements and Major Gann squares. We set up scenarios to look for when a level holds, or fails based on these methods, so it is very important to know for yourself how to use them following the ONE44 rules and guidelines. The best way to get a better understanding of these methods is to read all the posts (even if not on Grains) and watch our YouTube videos, as we explain why we think what we think based on the rules and guidelines. It is also important to view all the charts, as they have the key levels marked on them, if there are extended moves.

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