Weekly Grain/Livestock Update 7/11/24

Overview

Soybeans failed to hold key long term 61.8% retracements and we are now looking for 78.6%.

December Corn has 4 closes below the long term 78.6% level at 412.00, but has held the 405.75 major Gann square so far.

December Wheat continues to hold the long term 78.6% level at 578.00 and as long as it holds there this can be the base of a good rally that takes it 78.6% the other way.

The 186.40 swing point for the week in August Cattle caused a $6.00 break so far, being a 78.6% level we will look for 78.6% the other way following the ONE44 78.6% rule.

August Feeder Cattle completed the 78.6% (261.80) to 78.6% target at 253.33.

August Lean Hogs had one big close below the 57.00 swing point for the week. The low fell just short of the 83.51 major Gann square and today closed back at 57.00.

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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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