Weekly Grain/Livestock Update 7/3/24
Overview
August Soybeans traded down to the 1131.25 major Gann square and closed back above the 1157.00 swing point for the week, this can cause a sharp rally. November had a few closes below the long term 61.8% level at 1110.00, but had no follow through and now back above it bringing back the 61.8% target above.
The break from the 421.75 swing point in the September Corn hit the 400.75 major Gann square, it needs to get back above the long term 78.6% level at 410.00 to say a rally is coming. The break in December from the 441.00 swing point for the week hit the long term 78.6% level at 410.00 target, we will now watch the retracements above to see if this market can get a big rally going.
September Wheat is still holding the 557.50 major Gann square and a good rally is possible from here. December is still holding the long term 8.6% level at 557.50 and the long term target is 78.6% the other way based on the ONE44 78.6% rule.
August Live Cattle is trading up at a long term 78.6% level and we still believe that a good setback can happen from here.
August Lean Hogs are holding above a long term 61.8% retracement and a rally to 61.8% the way is possible as long as they hold 87.00, this is based on the ONE44 61.8% rule.
ONE44 Analytics sends an email to every Premium Member when the Weekly update is done on Thursdays, if you do not receive one, please check your spam folder, or make sure you are signed up for the emails in your ONE44 account settings.
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.
Thank You to all the new subscribers!
To all our Subscribers, when you are logged in to our website you will get all of the content in every post, so it may look like every Member/Non Member is getting the same thing. Please be assured that what you are paying for as a Premium Member of "Grains Weekly" is only accessible by you and is not posted anywhere else for free. This can be proven by logging out and trying to get the full article that has a yellow star with it. One exception is we will occasionally post articles on Barchart.com with excerpts from our website and Videos to draw people to the website.