Weekly Grain/Livestock Update 7/25/24
Overview
This week's highs in August and November Soybeans were only able to get to the previous major Gann squares at 1131.25 and 1083.50. We will now watch 78.6% below to see if this setback can be the start of the next Bull move.
Another small range for Corn this week, however September and December have had 3 closes above their swing point for the week and this can be the start of the next run up.
Wheat had a very small range for the week. September sat on top of the swing point for the week and December traded below their swing point all week, giving us no change in the current direction, or key levels Above/Below.
Live Cattle is up against the key 78.6% level and this can be where the next setback comes from. Feeder Cattle are caught between 78.6% retracement, but on the whole still look like they can go lower.
The rally after getting back above the long term 61.8% level at 87.00 has now gone another $7.00 and we continue to look for 61.8% back up.
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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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