Weekly Grain/Livestock Update 6/27/24
Overview
This will be the last update for the July contracts in Grains.
November Soybeans are sitting on a key long term 61.8% retracement, this level is critical to the next big move.
December Corn failed to get above the 457.00 swing point for the week and has closed below the 441.00 major Gann square, this will be the swing point for the week.
December Wheat failed to get above the 607.00 swing point for the week and it fell 1 cent shy of the 78.6% level at 478.00. Holding this level can cause a good rally.
Live Cattle and Feeder Cattle are both up against 78.6% retracements and these levels can cause a sharp setback.
Lean Hogs went back to test the key level of 87.00, this is a 61.8% and as long as this holds we will be looking for 61.8% the other way per the ONE44 61.8% rule.
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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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